‘Final’ Deadlines: Big changes are coming to Social Security in the United States. The age you can get your full retirement benefits is slowly moving up from 66 to 67 — and for some people born after 1959, it’s already 67. This shift changes when millions of Americans can retire comfortably and how much money they’ll receive each month.
What Is the Full Retirement Age (FRA)?
The Full Retirement Age (FRA) is the exact age when you can collect 100% of the Social Security benefits you’ve earned during your working years. If you claim earlier (as early as 62), your monthly check gets permanently reduced. If you wait past your FRA (up to age 70), you get extra money every month for the rest of your life.
Why Is the Retirement Age Going Up?
In 1983, Congress decided Social Security wouldn’t have enough money in the future because people are living longer and fewer workers are paying into the system. They slowly raised the full retirement age from 65 to 67 to keep the program running longer without huge tax increases or benefit cuts.
New Social Security Full Retirement Age Chart (2025 and Beyond)
| Year You Were Born | Full Retirement Age (FRA) | If You Claim at 62 (Reduction) |
|---|---|---|
| 1943–1954 | 66 | 25% lower |
| 1955 | 66 and 2 months | About 25.8% lower |
| 1956 | 66 and 4 months | About 26.7% lower |
| 1957 | 66 and 6 months | About 27.5% lower |
| 1958 | 66 and 8 months | About 28.3% lower |
| 1959 | 66 and 10 months | About 29.2% lower |
| 1960 and later | 67 exactly | 30% permanent reduction |
How Much Money Do You Lose by Claiming Early?
Let’s say your full benefit at age 67 would be $2,000 a month.
- Claim at 62 → You get only $1,400 a month (30% cut) for life
- Claim at 66 → Around $1,866 (about 7–8% cut)
- Wait until 70 → You get $2,480 a month (24% bonus with delayed credits)
That small decision can mean hundreds of thousands of dollars over a 20–30 year retirement.
Real-Life Example
Maria was born in 1962. Her full benefit at 67 is $2,200/month. → If she claims next year at 63, she locks in only $1,540 forever. → If she waits until 70, she gets $2,730 every month instead.
What Should You Do? 5 Smart Strategies
- Find out your exact FRA – Log into SSA.gov and check your personal statement.
- Run the numbers – Use the Social Security Administration’s calculators to see claiming at 62 vs. 67 vs. 70.
- Think about your health and family history – If you expect a shorter lifespan, claiming earlier can make sense. If your family lives into their 90s, delaying usually pays off.
- Coordinate with your spouse – The higher earner should usually delay to age 70 so the surviving spouse gets the biggest possible survivor benefit.
- Keep working if you can – You can earn delayed retirement credits (8% per year) until 70 even if you’re already collecting a pension or 401(k).
Special Rules You Need to Know
- You can still start benefits at 62 — the early claiming age never changes.
- There is no benefit to waiting past age 70 — the bonuses stop.
- If you work before full retirement age, your benefits can be temporarily reduced (but you get the money back later).
- Medicare still starts at 65 no matter when you claim Social Security.
Will the Retirement Age Go Even Higher?
Many experts predict that sometime in the 2030s or 2040s, Congress will raise the FRA to 68 or 69 because the Social Security Trust Fund is projected to run low around 2034–2035. Starting to plan now gives you the best chance no matter what lawmakers decide later.
Conclusion
The move from 66 to 67 as the full retirement age isn’t the end of retirement — it’s a wake-up call. Every year you can delay claiming (up to 70) adds thousands of dollars to your lifetime income and protects your spouse too. Check your personal numbers today at SSA.gov, talk to a financial advisor, and make a plan that fits your health, savings, and dreams. A few extra years of work or smart delaying can turn an okay retirement into a comfortable one.
Frequently Asked Questions (FAQ)
Q: Is Social Security going bankrupt? A: No. Even if nothing changes, Social Security can pay about 77–80% of promised benefits after 2034–2035. Congress will very likely fix it before then.
Q: Can I still retire at 62? A: Yes! You can start benefits at 62, but your monthly check will be 25–30% smaller for the rest of your life.
Q: Does the new age affect people already receiving benefits? A: No. Once you’re collecting, your payments are safe and will still get yearly cost-of-living increases.
Q: I was born in 1960 or later — is 67 my age for sure? A: Yes, for everyone born in 1960 and after, the full retirement age is exactly 67.
Q: Should I claim early if I hate my job? A: Sometimes leaving a bad job is worth more than money. Many people claim early and take a part-time job they enjoy — the math isn’t everything.