The Full Retirement Age Has Moved Later for People Born After 1954

The age at which you receive your full Social Security retirement benefit — the amount the government calculates as your standard payment — has increased from 65 to as high as 67, depending on your birth year. This shift happened gradually over decades and is now complete. If you were born in 1960 or later, your full retirement age is 67. If you were born between 1943 and 1954, your full retirement age falls somewhere between 66 and 67.

You can still claim Social Security as early as age 62, but your monthly payment will be permanently reduced — typically by 25 to 30 percent compared to what you would receive at full retirement age. If you delay claiming past your full retirement age, your payment increases by about 8 percent per year until age 70, when the increase stops.

This change does not affect how much you have paid into Social Security through payroll taxes over your working life. It affects only the age at which you receive the full amount the system has calculated for you.

Key Takeaways

  • Full retirement age is now 67 for anyone born in 1960 or later, up from 65 for people born before 1943.
  • You can claim at 62, but your monthly payment will be reduced by roughly 25 to 30 percent for the rest of your life.
  • Waiting until 70 increases your monthly payment by about 8 percent per year beyond your full retirement age.
  • The Social Security Administration sends you a statement showing your full retirement age and estimated payments at different claiming ages.

How the Retirement Age Increased Over Time

Congress passed the change in 1983 as part of a broader fix to Social Security's finances. Rather than raising the age all at once, the law phased it in gradually. For people born in 1943, full retirement age stayed at 65. For each birth year after that, the age crept up by two months per year until it reached 66 for people born in 1954. Then it paused for eight years. For people born in 1962 and later, it increased again by two months per year until reaching 67 for those born in 1960 and beyond.

This staggered approach meant that different age groups have different full retirement ages. A person born in 1950 has a full retirement age of 66 and two months. A person born in 1955 has a full retirement age of 66 and eight months. The Social Security Administration publishes a complete table showing the exact age for each birth year.

What Happens If You Claim Before Full Retirement Age

You have the legal right to claim Social Security at 62, regardless of your full retirement age. However, claiming early means a permanent reduction in your monthly benefit. The reduction is not temporary — it applies to every check you receive for the rest of your life, and it also reduces the survivor benefits your family members may receive if you die.

The exact reduction depends on how many months early you claim. If your full retirement age is 67 and you claim at 62, you are claiming 60 months early. The reduction is roughly 30 percent. If you claim at 64, you are claiming 36 months early, and the reduction is roughly 20 percent. The Social Security Administration can tell you the exact amount before you claim.

Some people claim early because they need the money now, or because they have health reasons to believe they will not live to an older age. Others claim early and continue working, which triggers a separate earnings test — if you earn above a certain amount (which changes yearly), Social Security withholds $1 from your benefit for every $2 you earn above the limit. This earnings test ends once you reach your full retirement age.

What Happens If You Delay Past Full Retirement Age

For every year you delay claiming Social Security past your full retirement age, your monthly benefit increases by about 8 percent per year. This increase continues until age 70. After 70, there is no financial benefit to delaying further — your payment stops growing.

Delaying makes the most financial sense if you expect to live into your mid-80s or beyond, because the higher monthly payment will eventually add up to more total money than you would have received by claiming earlier. It also means a higher survivor benefit for your spouse or children if you die. However, delaying means no income from Social Security during those years, which is not realistic for everyone.

If you are still working past full retirement age, there is no earnings test — you can earn as much as you want without any reduction to your benefit.

How to Find Your Full Retirement Age

The Social Security Administration sends you a statement each year showing your full retirement age and your estimated benefit amounts at different claiming ages. You can also create a free account on ssa.gov to view your statement online anytime. The statement shows your earnings history and estimates what you will receive at 62, at your full retirement age, and at 70.

If you do not have an online account and do not receive a paper statement, you can call Social Security at 1-800-772-1213 (TTY 1-800-325-0778) and ask them to mail you a statement. You will need your Social Security number and date of birth.

How the Increase Affects Your Household and Survivor Benefits

If you are married, your spouse may be able to receive a benefit based on your work record, even if your spouse did not work much or at all. However, the rules for spousal benefits have also changed. Your spouse can receive a full spousal benefit only if they have reached their own full retirement age. If they claim before their full retirement age, their spousal benefit is reduced.

If you die before claiming Social Security, your family members — including your spouse, children, and parents in some cases — may receive survivor benefits based on your work record. The total amount the family can receive is limited to about 150 to 180 percent of what you would have received at full retirement age. Delaying your claim increases the amount each family member receives.

Frequently Asked Questions

Can I claim Social Security at 62 even though my full retirement age is 67?

Yes. You can claim at 62, but your monthly payment will be reduced by roughly 30 percent. The reduction is permanent and applies to every payment you receive for the rest of your life. You should review your statement from Social Security to see the exact amount you would receive at different ages.

If I wait until 70 to claim, do I get back the money I would have received between 62 and 70?

No. You do not receive a lump sum for the years you did not claim. Instead, your monthly payment is higher starting at age 70. The higher payment eventually adds up to more total money if you live long enough, but you do not recover the specific checks you skipped.

Does working longer change my full retirement age?

No. Your full retirement age is determined only by your birth year. Working longer can increase your benefit amount because Social Security calculates your benefit based on your 35 highest-earning years, so additional work years may replace lower-earning years. But it does not change the age at which you reach full retirement.

What if I claimed early and now regret it?

You can withdraw your claim within 12 months of claiming and repay all the benefits you received. This resets your claim, and you can claim again later at a higher amount. After 12 months, you cannot withdraw, but you can still suspend your benefits at full retirement age and let them grow until 70, though this is less common now due to rule changes.

Does the higher full retirement age mean I have to work longer?

No. You can still claim at 62 if you choose. The higher full retirement age means that if you want your full calculated benefit, you have to wait longer. But claiming early is always an option — it just means a smaller monthly payment.