What full retirement age means and why it changed

Full retirement age is the age at which Social Security calculates your benefit as 100 percent of what you earned. If you were born in 1960 or later, that age is 67. For people born between 1943 and 1954, it was 65. The age increased gradually in two-year steps for people born between 1955 and 1959, landing at 67 for the 1960 cohort and everyone born after.

Congress changed the full retirement age in 1983 because Social Security's trust fund was running low. People were living longer, and the program was paying out more than it collected. Raising the age meant people would work longer before claiming their full benefit, which reduced the program's long-term costs.

Your full retirement age does not determine when you must stop working or when you must claim benefits. It only determines the amount you receive. You can claim as early as 62 or as late as 70, but the monthly payment will be smaller or larger depending on when you claim relative to your full retirement age.

Key Takeaways

  • Full retirement age is 67 for anyone born in 1960 or later, up from 65 for people born before 1943.
  • Claiming before your full retirement age reduces your monthly benefit permanently; claiming after increases it.
  • You can claim Social Security at 62, but your payment will be roughly 30 percent lower than if you waited until 67.
  • Working past your full retirement age does not increase your benefit further unless you continue to earn and update your record.
  • The change was made to keep Social Security solvent as life expectancy increased and the worker-to-beneficiary ratio fell.

How claiming before or after 67 affects your payment

If you claim at 62, your monthly benefit is roughly 30 percent lower than your full retirement age amount. At 63, it is roughly 25 percent lower. At 65, it is roughly 13 percent lower. These reductions are permanent — they do not increase when you reach 67 or any later age.

If you wait past 67, your benefit grows by roughly 8 percent per year until age 70. Someone born in 1960 who waits until 70 receives roughly 24 percent more per month than someone who claims at 67. The trade-off is that you do not receive any payments during those three years, so the break-even point — when the higher monthly amount makes up for the years you did not collect — is usually around age 80 or 81.

Your full retirement age is one input into this calculation, but not the only one. Your earnings record, your spouse's earnings record (if you are married), your health, and how long you expect to live all matter. Someone in poor health might benefit from claiming early; someone in excellent health might benefit from waiting.

How the full retirement age affects your earnings record

Social Security bases your benefit on your highest 35 years of earnings. The full retirement age does not change how those earnings are counted — it only changes the percentage of your calculated benefit you receive if you claim before or after that age.

If you continue working past your full retirement age, you may add higher recent earnings to your record, which can increase your benefit. This happens only if your recent earnings are higher than some of your earlier years. Social Security recalculates your benefit automatically once per year if you are still working and have not yet claimed.

If you claim before your full retirement age and continue working, Social Security reduces your benefit by $1 for every $2 you earn above a certain threshold. In 2024, that threshold is $23,400 per year. Once you reach your full retirement age, there is no earnings limit — you can work and collect your full benefit at the same time.

When your full retirement age matters most

Your full retirement age becomes most relevant if you are deciding whether to claim early. The closer you are to 67, the smaller the reduction for claiming at 62. For someone born in 1960, claiming at 62 instead of 67 costs roughly 30 percent of your lifetime benefit. For someone born in 1943 (full retirement age 65), claiming at 62 instead of 65 costs roughly 20 percent.

Full retirement age also matters if you are married and considering spousal or survivor benefits. A spouse can receive up to 50 percent of your full retirement age benefit if they wait until their own full retirement age to claim. If they claim earlier, that percentage is reduced. Survivor benefits for your children or widow or widower also depend on your full retirement age.

If you become disabled before your full retirement age, you may be able to claim Social Security Disability Insurance (SSDI) instead of retirement benefits. Once you reach your full retirement age, SSDI converts to retirement benefits at the same monthly amount, so your full retirement age does not affect SSDI payments.

How to find your full retirement age

Your full retirement age depends on your birth year. If you were born between 1943 and 1954, it is 65. If you were born in 1955, it is 66 and 2 months. If you were born in 1956, it is 66 and 4 months. The age increases by 2 months for each birth year until 1960, when it reaches 67 and stays there for everyone born in 1960 or later.

You can confirm your full retirement age by creating a my Social Security account at ssa.gov. The account shows your earnings record, your estimated benefit at different claiming ages, and your full retirement age. You do not need to call or visit an office to find this information.

What happens if you claim before your full retirement age

You can claim Social Security as early as age 62, but your benefit will be permanently reduced. The reduction is steeper the earlier you claim. If you claim at 62 and your full retirement age is 67, you lose roughly 30 percent of your benefit for life.

If you claim before your full retirement age and earn above the earnings threshold, Social Security withholds part of your benefit. In 2024, if you earn more than $23,400 per year, Social Security withholds $1 for every $2 you earn above that amount. This withholding stops once you reach your full retirement age, even if you are still working.

Some people claim early because they need the money now. Others claim early because they do not expect to live into their 80s. There is no single right answer — it depends on your circumstances. A financial planner or Social Security representative can help you think through the trade-offs.

Frequently Asked Questions

Can I work past 67 and still get my full benefit?

Yes. Once you reach your full retirement age of 67, there is no limit on how much you can earn and still receive your full Social Security benefit. You can work full-time, part-time, or not at all. If you continue working and earn more than you did in earlier years, your benefit may increase when Social Security recalculates your record.

If I claim at 62, will my benefit ever increase to the full retirement age amount?

No. The reduction for claiming early is permanent. If you claim at 62 with a full retirement age of 67, your benefit stays roughly 30 percent lower for the rest of your life, even after you turn 67 or 70. The only exception is if you withdraw your claim within 12 months of claiming and repay all benefits received.

Does my full retirement age change if I keep working?

No. Your full retirement age is fixed based on your birth year and does not change. Working longer may increase your benefit amount because you add higher recent earnings to your record, but it does not change the age at which you reach your full retirement age or the reduction for claiming early.

What if I was born on January 1 — which year's full retirement age do I use?

If you were born on January 1, Social Security treats you as born in the previous year. So if you were born on January 1, 1960, your full retirement age is 66 and 10 months (the age for people born in 1959), not 67.

Can I claim spousal benefits before my full retirement age?

Yes, but your spousal benefit will be reduced. You can claim a spousal benefit as early as 62, but the amount will be smaller than if you waited until your full retirement age. The reduction is steeper the earlier you claim. If you are divorced, the same rules apply to your ex-spouse's record.