Social Security Retirement Age: If you plan to retire soon, you should be aware of one major change in Social Security. Starting in January 2026, the Full Retirement Age (FRA) will officially become 67 years for millions of Americans. How this impacts on your monthly benefits amount and when you receive them would be direct implications of this change.
What’s Changing?
For many years, at least for a large part of the population, 65 had been a magic number- the age for full retirement benefits. That is no longer the case. Hence, that is because anyone born in 1960 or later will have to wait until age 67 to claim a full Social Security benefit.
If you start collecting benefits early at 62, for example, the monthly payment can be permanently decreased by as much as 30 percent.
Full Retirement Age Schedule
- Born 1943–1954: 66 years.
- Born 1955–1959: 66 years plus some months; ranges from 2–10 months (depending on birth year).
- Born 1960 or later: 67 years.
Being part of that last group means that your change is officially set to begin at January 1, 2026.
Why Waiting Could Pay Off
Claiming early benefits is an option, but the longer you wait, the bigger your monthly check becomes in your bank account. After your FRA, until you reach age 70, your check grows by about 8% every year.
Consider this: if $2,000 is your FRA, delayed-payment benefit, by age 70, this figure will increase to roughly $2,480, which is an additional $30,000 in benefits over the following ten years.
Preparing For The Change
- Know Your FRA – Check out what the estimate is for your benefits in your Social Security account.
- Compare Early vs. Delayed Benefits – Look at the difference for lifetime benefits as opposed to the monthly number.
- Look at Your Future – Include matters pertaining to health, savings, and life goals in your consideration.
- Consider The Spousal Benefits – Married couples can perhaps stagger claims to maximize payments.
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