Key change applies to anyone born after 1960: What age can you claim full Social Security benefits?
Retirees can start claiming Social Security benefits as early as age 62. That comes with a costly penalty, however, prompting many to wait until they reach “full retirement age” (FRA) to begin claiming benefits.
Social Security’s full retirement age will reach 67 in 2027 for people born in 1960 or later. Claiming benefits prior to that age will reduce monthly benefits by as much as 30% as compared to waiting until FRA.
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From Social Security’s inception in 1935 until the passage of the Social Security Amendments of 1983, FRA was 65. In 1983, Congress passed legislation to gradually raise FRA to reflect increases in life expectancy. The earliest age at which people can start claiming – 62 – does not change.
The act established a gradual increase to the FRA, and, starting in 2021, the FRA has grown by two months a year.
Currently, FRA is:
- People born 1943-1954 – Age 66
- People born in 1955 – 66 years and 2 months
- People born in 1956 – 66 years and 4 months
- People born in 1957 – 66 years and 7 months
- People born in 1958 – 66 years and 8 months
- People born in 1959 – 66 years and 10 months
- 1960 and later – 67 years
However, 67 is the cap for FRA. Under the current law, the target age is 67 and won’t climb any higher though some experts have floated the idea of increasing FRA to help address Social Security’s looming shortfall.
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Waiting past FRA to claim benefits has advantages. Social Security benefits increase roughly 8% each year you delay past your full retirement age until age 70. Waiting to age 70 also allows you to work without any reductions to benefits.
Social Security provides an easy calculator if you need to determine your FRA. You can use that here.