Lower Social Security benefits
PAT COTILLO, JR.—ISTOCKPHOTO
Retirees born before 1937 were able to collect their full Social Security benefits at age 65. But workers born between 1943 and 1954 will have to wait until age 66 to claim their full benefits. The age again gradually increases, finally reaching 67 for people born in 1960 or later. Those who sign up earlier will receive lower payouts.