The age at which you can receive full Social Security is increasing, affecting many nearing retirement.
This year marks a notable change in the age for receiving full Social Security benefits, particularly for those born in 1959. Unfortunately, they now have to delay their access to these benefits for a few more years.
With the retirement age gradually rising, millions of future retirees will feel this impact as the age to receive full benefits increases to 66 years and 10 months for this cohort.
How is this age determined?
The adjustment stems from a law enacted in 1983. The government has been gradually implementing this change based on the idea that individuals are living longer, and generally healthier lives. According to the Social Security Administration, the law was designed to align with these longer life expectancies.
It’s important to note that individuals can only receive full Social Security benefits when they reach what is termed the full retirement age (FRA). If someone opts to claim benefits earlier, they could see reductions of up to 30%.
Are there benefits to delaying until your FRA?
Indeed, there are advantages to waiting for your FRA. One significant benefit is that payments can increase considerably the longer you postpone your claim. Essentially, the longer you wait, the better your retirement benefits could become.
