Social Security Full Retirement Age Went Up This Month — Why It May Continue To Rise
Written by
Josephine Nesbit
Edited by
Amber Barkley
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Sixty-five has long been considered the threshold for retirement and full Social Security benefits, but that’s changing.
Beginning May 2025, pre-retirees will need to wait longer to receive their full Social Security benefits. The full retirement age (FRA) has increased gradually since 1983, after former President Ronald Reagan signed the Social Security Amendments.
For those born in 1960 or later, the full retirement age is 67.
The Social Security Amendments of 1983
The Social Security Amendments of 1983 was a major overhaul of the Social Security system aimed at addressing short- and long-term financing issues.
According to AARP, provisions included accelerating the scheduled payroll tax increase enacted in 1977, gradually increasing the FRA from 65 to 67 and making 50% of Social Security benefit income taxable for individuals with incomes above $25,000, or $32,000 for married couples filing jointly.
The FRA change was phased in over 22 years, and the full retirement age of 67 is effective for those born in 1960 or later.
Here’s the full retirement age by year of birth, according to the Social Security Administration (SSA).
- Born 1958: 66 and 8 months
- Born in 1959: 66 and 10 months
- Born in 1960 or later: 67
When Is the Best Time To Claim Social Security Benefits?
The best time to claim Social Security benefits depends on your situation. It may make sense to claim early if you need the money, don’t anticipate living a long life or can no longer work, but keep in mind that claiming early will permanently reduce the monthly benefit amount.
It’s possible to claim Social Security retirement benefits as early as age 62; however, the longer you wait to claim Social Security, the bigger your monthly check will be — until age 70, when you reach your maximum benefit.
Taking Social Security before full retirement age results in a permanent reduction in your monthly benefit amount by as much as 30%, AARP reported. You can wait past FRA, which will add an extra 8% per year until age 70.
How much you get each month depends on your earnings history. The SSA calculates retirement benefits using a formula based on “average indexed monthly earnings” and age at retirement. This average comprises 35 years of a worker’s indexed earnings.
The SSA will also choose the years with the highest indexed earnings, sum each indexed earnings and divide the total amount by the total number of months.
Will Social Security Full Retirement Age Continue To Increase?
The full retirement age is currently 67 for those born in 1960 or later, and there is no current plan to increase the FRA. However, future policy changes could change the age.
Lawmakers continue to face pressure to address Social Security’s long-term solvency, as projections show the program’s trust funds could be depleted by the mid-2030s. Raising the FRA is one option often suggested to help extend the program’s viability. But for now, any changes remain speculative.
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