Regarding Social Security, which statement is true?

The statement that the current retirement age is 67 and may be delayed is accurate. In the context of Social Security, the age at which individuals can receive full retirement benefits has been gradually increasing. For those born in 1960 or later, the full retirement age is set at 67. However, individuals have the option to begin receiving benefits as early as age 62, which results in a permanent reduction in the monthly benefit amount. Conversely, delaying the receipt of benefits until after the full retirement age, up to age 70, increases the monthly benefit amount due to delayed retirement credits. This mechanism encourages individuals to work longer and allows them to receive a higher monthly benefit when they do choose to withdraw from Social Security.

Regarding the other statements, the current retirement age has not been 65 for many decades due to legislative changes aimed at addressing increases in life expectancy. The cost of living adjustment (COLA) benefit has not been discontinued and continues to be applied to Social Security benefits each year. Finally, delaying benefits until age 70 actually results in higher, not lower, monthly benefits compared to taking them at full retirement age.