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The video explains that in the United States, the full retirement age for Social Security benefits has been set to 67 for anyone born in 1960 or later, completing a gradual increase that started with the 1983 amendments. While workers may begin receiving benefits as early as age 62, doing so reduces their monthly benefit by roughly 30% compared to waiting until age 67. Conversely, postponing benefits up to age 70 increases the benefit by about 8% for each additional year of delay. The speaker also notes that Medicare eligibility begins at age 65, independent of Social Security retirement age.
