Social Security Rules Set to Raise Full Retirement Age

WASHINGTON — If you’re considering retirement next year, it might be worth reassessing your plans regarding your retirement age.

In 2026, long-standing regulations will adjust the age at which retirees can claim full benefits. The full retirement age (FRA) marks the point when individuals are eligible for their complete retirement benefits.

Your FRA depends on your birth year, while your monthly benefits are based on your years of work and earnings. It’s important to note that while you can retire earlier than your designated FRA, doing so can reduce your benefits by as much as 30% if you choose to retire at 62, the earliest allowable age.

Next year, for those born after 1960, the FRA will increase to 67. This change is part of the final phase of adjustments following the 1983 Congressional Amendments, aimed at supporting the program financially.

The FRA has been gradually increasing by two months each year since 2021. Right now, it stands at 66 years and 10 months for individuals born in 1959. This upcoming adjustment will mean that those born after 1960 might have to wait until 2027 to claim their full Social Security benefits.

Legally, retirees who postpone claiming benefits until age 70 will receive higher payouts.

Currently, nearly 75 million people receive Social Security benefits, which include retirees, individuals with disabilities, and children.

Determining Your Full Retirement Age

If you’re unsure about your FRA, the Social Security website offers a calculator that can help estimate your full retirement age based on your birth date.

Social Security 2026 Cost-of-Living Adjustment

Starting in January, millions of Social Security recipients will benefit from a 2.8% increase in their monthly checks.

Officials estimate that this 2026 cost-of-living adjustment (COLA) will translate to an average increase of about $56 per month for retirees.

Social Security Increases Over Recent Years

In 2025, benefits are expected to increase by 2.5%; there was a 3.2% rise in 2024 after a particularly challenging period, and an 8.7% increase in 2023 due to significant inflation issues.

Over the past 20 years, the average COLA has been around 2.6%, while the figure for the last decade sits closer to 3.1%, according to data from the Social Security Administration.