Here's the exact day and month you can retire with full Social Security benefits, depending on when you were born

• The Social Security retirement age is between 66 and 67, depending on the year you were born.
• Also known as the full or normal retirement age, this is when you can begin claiming 100% of your Social Security benefit.
• You can claim Social Security as early as age 62 - regardless of whether you stop working - but your benefit will be reduced by up to 30%. If you wait until age 70, your benefit will increase by as much as 32%.
• Claiming Social Security too early could hurt your chances of building wealth later in life, according to new research from United Income.
• Visit Business Insider's homepage for more stories.

The Social Security retirement age is between 66 and 67 for nearly all of today's working Americans.

Otherwise known as full or normal retirement age, it's the age a person who worked at least 10 years can begin claiming 100% of their Social Security benefit, which is equal to an average of monthly wages for their 35 highest-earning years, adjusted for inflation. The current average benefit for Social Security recipients is $1,420 a month, according to the Social Security Administration.

Americans born in 1960 or later - aged 59 or younger in 2019 - can retire with full Social Security benefits at age 67. For Americans born prior to 1960, the full retirement age is between 66 and 67 years, as follows:

• Born between 1943-1954: age 66
• Born in 1955: age 66 and two months
• Born in 1956: age 66 and four months
• Born in 1957: age 66 and six months
• Born in 1958: age 66 and eight months
• Born in 1959: age 66 and 10 months

Anyone who qualifies for a Social Security benefit can opt to claim it as early as age 62, regardless of whether they've left work or not. However, claiming that early reduces the payout to 75% of the full benefit if born before 1960 and 70% of the full benefit if born in 1960 or later.

Age 70 is the latest it makes sense to claim Social Security benefits. With each 12-month period that benefits are delayed beyond a person's full retirement age (up to age 70), their benefit increases by up to 8% for a maximum of either 24% for those born in 1960 or later or 32% for those born before 1960.

Let's say John, who was born in 1955, is in good health and enjoys his job. John's full retirement age is exactly 66 and two months, at which point he can claim 100% of his monthly Social Security benefit of $1,420 (the 2019 average benefit). John decides to continue working for a few more years, until his 69th birthday, and delays his benefit.

By the time John claims his Social Security benefit at 69, his monthly payout will be $1,742 - 122.7% of his full retirement age benefit. By delaying, John increased his monthly Social Security income by about $320. Note that the rules are different for spouses - consult the Social Security website for details.

Anyone can create a free My Social Security account to find out what their pretax monthly Social Security benefit will be based on current earnings, and see how that could change depending on the date they leave work. For those in good health or with a greater chance of longevity, it may be worth it to hold out.

New research from United Income found that elderly poverty could be cut in half if every retiree claimed Social Security at the "financially optimal time." Currently, the report said, retirees stand to lose a collective $2.1 trillion in wealth, or about $68,000 per household, because they chose to claim Social Security benefits at the wrong time, which for many, is prior to their full retirement age. 

Yet, new reports show the Social Security trust will be underfunded as soon as next year, leading some experts to suggest workers shouldn't rely on Social Security payments when planning for retirement. 

• Read more:
• Here's exactly how to figure out when you can retire
• The government can tax up to 85% of your Social Security. Here's how to find out exactly how much
• Here's exactly how much more money you get each year you delay taking Social Security
• Millions of Americans are ignoring an important tool for retirement planning that only takes seconds to find

Personal Finance Insider offers tools and calculators to help you make smart decisions with your money. We do not give investment advice or encourage you to buy or sell stocks or other financial products. What you decide to do with your money is up to you. If you take action based on one of the recommendations listed in the calculator, we get a small share of the revenue from our commerce partners.