What the full retirement age is and how it affects your benefits

Your full retirement age is the age at which Social Security will pay you 100 percent of your monthly benefit amount. It is not the earliest age you can claim — that is 62 — and it is not the latest. It is the middle point, the age Congress set as "full" for your birth year.

The full retirement age changed because Congress passed a law in 1983 that gradually raised it. For people born in 1937 or earlier, it stayed at 65. For people born between 1938 and 1960, it rose in two-month increments. For people born in 1960 or later, it is 67. This change was written into law decades ago and is still rolling out today.

Why it matters: if you claim before your full retirement age, your monthly payment is permanently reduced. If you claim after, your payment grows. The difference between claiming at 62 and claiming at 70 can be 70 percent or more in monthly income. Your birth year determines your full retirement age, and that determines how much you lose or gain by claiming early or late.

Key Takeaways

  • Full retirement age ranges from 65 to 67 depending on your birth year, and Social Security will tell you yours if you create an account at ssa.gov.
  • Claiming before your full retirement age reduces your monthly payment permanently, while claiming after increases it by about 8 percent per year.
  • The full retirement age rose gradually starting in 1983 because Congress changed the law; it was not a recent policy shift.
  • Your earnings can affect your payment if you claim before full retirement age and are still working, though this rule stops once you reach full retirement age.

Full retirement age by birth year

Social Security uses a table based on your birth year. If you were born in 1943 to 1954, your full retirement age is 66. If you were born in 1955, it is 66 and two months. The age increases by two months for each birth year until 1960, when it reaches 67 and stays there for everyone born in 1960 or later.

You can find your exact full retirement age by logging into your Social Security account at ssa.gov, calling 1-800-772-1213, or visiting a local Social Security office. The agency will show you the number and explain how it affects your payment if you claim early or late. You do not need to guess or calculate it yourself.

What happens if you claim before full retirement age

If you claim at 62 — the earliest possible age — your payment is reduced by roughly 30 percent compared to what you would receive at your full retirement age. If you claim at 65 and your full retirement age is 67, the reduction is about 13 percent. The exact percentage depends on how many months early you claim.

There is also an earnings test if you claim before full retirement age and are still working. If your earnings exceed a certain amount (the limit changes yearly), Social Security will withhold $1 from your benefit for every $2 you earn above the limit. Once you reach your full retirement age, this rule stops and you can earn as much as you want without losing benefits. The earnings test applies only to wages and self-employment income, not to pensions, investments, or other income.

What happens if you claim after full retirement age

For every year you delay claiming past your full retirement age, your monthly payment increases by about 8 percent per year, up to age 70. If your full retirement age is 67 and you wait until 70, your payment will be roughly 24 percent higher than it would have been at 67. This increase is permanent and applies to your payment for life.

Delaying does not mean you lose the years you did not claim. Social Security does not pay you a lump sum for the months you waited. Instead, your monthly payment is higher going forward. Whether this strategy makes financial sense depends on your health, family history, and how long you expect to live — factors only you can weigh.

Why Congress changed the full retirement age

In 1983, Congress raised the full retirement age because Social Security's trust fund was running low. Life expectancy had increased since the program began in 1935, and the ratio of workers paying into the system to retirees drawing from it was shrinking. Raising the full retirement age was one way to reduce long-term costs.

The change was phased in over many years so people had time to plan. It was not a sudden shift and it was not a recent decision. The law that made it happen is still the law today, and the full retirement age will remain at 67 for everyone born in 1960 or later unless Congress passes a new law to change it again.

How to find your full retirement age and plan your claim

Create a my Social Security account at ssa.gov. You will need your Social Security number, email address, and a way to verify your identity. Once you log in, you can see your full retirement age, your estimated monthly payment at different claim ages, and your earnings record.

Social Security also sends a statement to people age 60 and older who do not have an online account. The statement shows your full retirement age and estimated benefits. If you do not have an account and do not receive a statement, you can call 1-800-772-1213 or visit your local Social Security office to ask.

Frequently Asked Questions

Can I change my mind after I claim Social Security?

You can withdraw your claim within 12 months of the date you started receiving benefits, but only once in your lifetime. If you withdraw, you must repay all the money you received. After 12 months, you cannot withdraw. You can, however, suspend your benefits at full retirement age and let them grow until 70, though this is different from withdrawing.

Does my full retirement age affect when I can claim Medicare?

No. Medicare may be able to access starts at 65 regardless of your Social Security full retirement age. You can claim Medicare at 65 and delay Social Security until 67, 70, or any age in between. The two programs are separate, though many people claim both around the same time.

What if I was born on January 1st — which year's rules apply to me?

If you were born on January 1st, Social Security treats you as if you were born on December 31st of the previous year. So if you were born on January 1, 1943, your full retirement age is based on the 1942 birth year rules, which means 65. Check your Social Security account to confirm your exact full retirement age.

Will Congress raise the full retirement age again?

That is a policy question Congress would have to decide. Currently, the full retirement age is set at 67 for everyone born in 1960 or later. If Congress passes a new law, it could change, but no such law has been passed. You can monitor Social Security news through official sources like ssa.gov or your local representative's office.