Social Security Retirement Age Changed This Year — Here’s What You Need to Know
For Americans preparing for retirement and planning to rely on Social Security income, understanding Full Retirement Age (FRA) is essential.
The age at which you begin claiming benefits can have a significant and permanent effect on your monthly Social Security payments.
When Can You Start Claiming Social Security?
Social Security retirement benefits can generally be claimed as early as age 62. However, starting benefits before reaching your Full Retirement Age can reduce your monthly payment by as much as 30% compared with waiting until FRA.
Full Retirement Age is the age at which a worker becomes eligible to receive their standard, unreduced Social Security retirement benefit.
Why Did Full Retirement Age Increase?
For decades, the traditional Full Retirement Age was 65. That remained the standard from the creation of Social Security in 1935 until changes were introduced through the Social Security Amendments of 1983.
Congress approved a gradual increase in FRA because Americans were generally living longer and remaining healthier later in life.
The higher retirement age began affecting people born in 1938 or later, with FRA increasing gradually depending on birth year. The adjustment eventually reaches age 67 for people born in 1960 or later.
What Is the Current Social Security Full Retirement Age?
Your Full Retirement Age depends on the year you were born:
- Born 1943–1954: Age 66
- Born in 1955: 66 years and 2 months
- Born in 1956: 66 years and 4 months
- Born in 1957: 66 years and 6 months
- Born in 1958: 66 years and 8 months
- Born in 1959: 66 years and 10 months
- Born in 1960 or later: Age 67
Under current law, 67 is the highest scheduled Full Retirement Age. It will not automatically continue increasing unless Congress approves another change to Social Security rules.
What Happens If You Claim Social Security Early?
Retiring and claiming Social Security before FRA can permanently reduce your monthly retirement benefit.
Someone who begins receiving benefits at age 62 could see their monthly payment reduced by up to 30%, depending on their Full Retirement Age.
That means claiming early may provide income sooner, but it can also result in receiving a smaller monthly payment throughout retirement.
Can You Get More by Waiting After Full Retirement Age?
Yes. Workers who delay Social Security beyond their FRA may receive delayed retirement credits.
Benefits can increase by roughly 8% for each year they delay claiming beyond Full Retirement Age, although these increases stop once a person reaches age 70.
For retirees who can afford to postpone claiming benefits, delaying Social Security may therefore result in a considerably larger monthly payment.
How to Find Your Full Retirement Age
The Social Security Administration provides an online retirement age calculator that can help workers determine their specific Full Retirement Age based on their date of birth.
Knowing your FRA before deciding when to claim can make it easier to compare the financial impact of taking benefits early, at FRA, or later.
Your Social Security claiming age can directly affect how much retirement income you receive each month. While benefits are available from age 62, claiming early can reduce payments by up to 30%.
Waiting until Full Retirement Age provides your standard benefit, while delaying beyond FRA can increase payments until age 70. Understanding these rules can help you make a more informed retirement decision.
