Changes to Social Security’s Retirement Age
The Social Security Administration (SSA) has updated the rules regarding the Full Retirement Age (FRA). For Americans born in 1960 or later, the FRA will now be 67—a two-year increase from the previous standard of 65.
The FRA is crucial because it’s the age when individuals can access full retirement benefits without reductions. Understanding this age is essential, as applying early can lead to lower monthly payments. Not everyone has the financial cushion to handle those cuts; retirement savings vary widely among individuals.
Born Between March 2 and March 31, 1959? Here’s What You Need to Know
If you were born between March 2, 1959, and March 31, 1959, you can receive 100% of your Social Security benefits starting in January 2026. Those born on January 1 of any year should refer to the previous year’s FRA.
Americans born within this timeframe can access 100% of their benefits if they apply when they reach their FRA. But is that amount really enough for a comfortable retirement?
If you choose to delay your retirement until age 70, you can increase your benefits significantly. For each year you wait, your payment grows—around 8% for each year, which can add up to a total of 24% more by the time you reach 70.
The maximum Social Security payment at 70 can go up to $5,108. In contrast, if you retire at your FRA, the max is around $4,018, assuming you meet certain conditions:
- You applied at your FRA.
- You have worked for more than 35 years.
- Your earnings have consistently met the SSA’s contribution requirements.
- Your job was eligible for SSA benefits.
Understanding Your Full Retirement Age
For workers unsure about their specific FRA, a list detailing various ages has been compiled for reference. It shows how retirement age has shifted over the years:
- 67 years old – Born after 1960
- 66 years and 10 months – Born in 1959
- 66 years and 8 months – Born in 1958
- 66 years and 6 months – Born in 1957
- 66 years and 4 months – Born in 1956
- 66 years and 2 months – Born in 1955
- 66 years old – Born between 1943 and 1954
- 65 years and 10 months – Born in 1942
- 65 years and 8 months – Born in 1941
- 65 years and 6 months – Born in 1940
- 65 years and 4 months – Born in 1939
- 65 years and 2 months – Born in 1938
- 65 years old – Born before 1937
For American workers eager to find out their exact month and year for 100% retirement benefits, there’s a handy SSA tool available online.
