Navigating Social Security can feel overwhelming, especially as rules and the retirement age continue to evolve. Knowing when you become eligible for full benefits—and how changes to the social security retirement age affect your plans—is essential. In this article, we explain recent updates to the retirement age, the impact on your monthly benefits, and considerations to help you make informed choices for your retirement.
The social security retirement age, also referred to as full retirement age (FRA), is the age at which you can receive your entire earned Social Security benefit. While 65 was once the traditional milestone, recent legislative reforms have shifted the goalposts. For Americans born in 1960 or later, the new full retirement age is 67. If you claim your benefits at this age, you get 100% of your calculated monthly payment.
According to Marca’s analysis of SSA updates, the gradual rise in the retirement age was implemented to address changing demographics and Social Security’s long-term solvency. For example:
You can start collecting Social Security as early as age 62. However, taking benefits before reaching your full retirement age results in a permanent monthly reduction. For instance, if your FRA is 66 years and 10 months and you claim at 62, you could see about a 29% decrease in your payment. On the other hand, waiting until after your FRA—up to age 70—can boost your monthly benefit by roughly 8% for each year you delay, up to a 32% increase overall.
Explore detailed scenarios in this Finger Lakes 1 breakdown of the latest age rules, which also explains how your birthday determines not only your FRA but your payment schedule once you begin claiming.
Big changes are happening in 2025, especially for those born in 1959. Their full retirement age is now set at 66 years and 10 months—two months later than the prior year’s cohort. From now on, the full retirement age will remain at 67 for everyone born in 1960 or later.
Recent legislative reforms, as highlighted in Yahoo Finance’s guide to new Social Security changes, have created new challenges and uncertainties. These include:
Learning about the social security retirement age is just the first step. Here are practical tips as you plan your retirement:
The social security retirement age plays a critical role in financial planning for your later years. With recent changes, understanding your FRA and how timing affects your benefits is more important than ever. Review guides from trusted sources like Marca, Yahoo Finance, and Finger Lakes 1 to keep up with ongoing developments.
By staying proactive and making informed choices, you can maximize your Social Security benefits and enjoy greater peace of mind during retirement.