The Full Retirement Age Has Moved and Keeps Moving

Your full retirement age — the age at which Social Security pays you 100 percent of your benefit — is not the same as your parents' or grandparents'. The government raised it starting in 1983, and it continues to climb based on your birth year. If you were born in 1960 or later, your full retirement age is at least 67. If you were born between 1943 and 1954, it is 66. The exact age depends on the month and year you were born.

You can still claim benefits before your full retirement age — as early as 62 — but the monthly payment will be permanently smaller. You can also wait past your full retirement age until 70, and your monthly payment will be permanently larger. The choice between these three windows (early, full, or delayed) is one of the biggest financial decisions you will make, and it depends on your health, your other income, and how long you expect to live.

The Social Security Administration publishes a table that shows your exact full retirement age based on your birth date. You can find it on ssa.gov, or you can call 1-800-772-1213 to ask. Knowing your number is the first step to understanding how much you will receive and when.

Key Takeaways

  • Your full retirement age is between 66 and 67 depending on your birth year, and you can find your exact age on the Social Security Administration website or by calling 1-800-772-1213.
  • Claiming at 62 reduces your monthly benefit by roughly 25 to 30 percent compared to claiming at your full retirement age, and that reduction is permanent for your entire life.
  • Waiting until 70 increases your monthly benefit by roughly 24 to 32 percent compared to your full retirement age, and that increase is also permanent.
  • If you claim before your full retirement age and you are still working, Social Security will reduce your benefit by $1 for every $2 you earn above a yearly limit (the limit changes each year).
  • The break-even point between claiming early and waiting is usually around age 80, but your own situation — health, savings, family history — should drive your decision, not an average.

How the Age Change Happened and Why

Social Security was created in 1935 when the full retirement age was 65. In 1983, Congress passed a law that gradually raised the age because people were living longer and the program was running short of money. The increase began in 2000 and continues today. For people born between 1943 and 1954, the full retirement age is 66. For people born between 1955 and 1960, it rises by two months for each birth year. For people born in 1960 or later, it is 67.

This change affects how much you receive and when you can receive it without a penalty. It does not change the earliest age you can claim (still 62) or the age at which waiting stops increasing your benefit (still 70). It only changes the middle point — the age where you get your "full" amount.

Claiming Before Your Full Retirement Age

You can claim Social Security as early as 62, but your monthly payment will be smaller than if you wait. The reduction is permanent — it does not go away when you reach your full retirement age. If your full retirement age is 67 and you claim at 62, you will receive roughly 70 percent of your full benefit amount every month for the rest of your life. If your full retirement age is 66 and you claim at 62, you will receive roughly 75 percent.

There is an additional rule if you claim before your full retirement age and you are still working. Social Security will reduce your benefit by $1 for every $2 you earn above a yearly earnings limit. In 2024, that limit is $23,400, but it changes each year. This reduction ends the month you reach your full retirement age. After that, you can earn any amount without a penalty.

Claiming early makes sense if you need the money now, if you have health reasons to believe you will not live into your 80s, or if you have other savings to live on and want to delay claiming a spouse's or survivor's benefit. It does not make sense if you are in good health, have no when ready need, and expect to live past 80.

Claiming at Your Full Retirement Age

At your full retirement age, you receive 100 percent of your benefit amount. There is no earnings penalty — you can work and earn any amount without Social Security reducing your check. This is the age the government considers "normal" retirement, and it is the baseline against which early and delayed benefits are calculated.

For most people, claiming at full retirement age is a middle ground. You are not taking the permanent cut that comes with claiming at 62, but you are also not waiting for the larger payment that comes at 70. If you are unsure what to do, this is often a reasonable choice, though your own circumstances may point elsewhere.

Delaying Your Claim Until 70

If you wait past your full retirement age to claim, your monthly benefit grows. For each year you delay between your full retirement age and 70, your benefit increases by roughly 8 percent per year. If your full retirement age is 67 and you wait until 70, you will receive roughly 124 percent of your full benefit amount every month for the rest of your life. This increase is permanent and is one of the largest may provide returns available to anyone.

Waiting until 70 makes sense if you are in good health, if you have other income or savings to live on until then, or if you expect to live well into your 90s. It also makes sense if you are married and want to maximize the benefit your spouse or survivor will receive — survivor benefits are based on the benefit you had earned, so a larger benefit means a larger survivor benefit.

The trade-off is that you receive no payments between your full retirement age and 70. If you die before 80, you will have received less total money than if you had claimed earlier. But if you live past 80 or 85, the larger monthly payment will have made up for those missed years and will continue paying you more for the rest of your life.

How to Find Your Full Retirement Age

The Social Security Administration publishes a table on ssa.gov that lists the full retirement age for every birth date. You can also create a my Social Security account at ssa.gov and log in to see your full retirement age, your estimated benefit at different ages, and your earnings record. Creating an account takes about 10 minutes and requires your Social Security number, email address, and a way to verify your identity (usually a phone number or address on file).

If you do not want to create an account online, you can call Social Security at 1-800-772-1213 and ask for your full retirement age and an estimate of your benefit. You can also visit a local Social Security office in person, though wait times are often long. The phone line is usually faster.

What Happens If You Claim and Then Change Your Mind

If you claim Social Security before your full retirement age and then change your mind within 12 months, you can withdraw your process and repay what you received. This resets your claim, and you can file again later at a higher age and receive a larger benefit. You do not have to repay interest — only the benefits you actually received.

After 12 months, you cannot withdraw your process. However, if you have reached your full retirement age, you can suspend your benefits and let them grow until 70. While your benefits are suspended, you receive no payment, but your benefit amount increases by 8 percent per year. You can restart your benefits at any time after suspending them.

Frequently Asked Questions

Can I work and collect Social Security at the same time?

Yes, but only without a penalty if you have reached your full retirement age. If you claim before your full retirement age and work, Social Security reduces your benefit by $1 for every $2 you earn above the yearly limit. Once you reach your full retirement age, there is no earnings limit and no reduction.

Does my full retirement age affect my spouse's or ex-spouse's benefit?

Yes. A spouse can claim a benefit based on your record, and that benefit is calculated as a percentage of your full retirement age benefit. The higher your benefit at full retirement age, the higher their benefit will be. An ex-spouse can also claim on your record if you were married for at least 10 years, and the same rule applies.

What if I was born on January 1 — which year's rules explore to me?

If you were born on January 1, Social Security treats you as if you were born on December 31 of the previous year. So if you were born on January 1, 1960, you are treated as born in 1959 for purposes of determining your full retirement age.

Will my full retirement age keep going up in the future?

The law that raised the full retirement age only goes up to age 67 for people born in 1960 or later. Congress would have to pass a new law to raise it further. As of now, no such law has been passed, so 67 is the maximum full retirement age under current law.

How do I know if I should claim early, at full retirement age, or at 70?

There is no single right answer — it depends on your health, your other income, your family history, and your personal situation. A financial planner or a Social Security informed can walk through the numbers with you. You can also use the Social Security Administration's benefit calculator on ssa.gov to see estimates at different ages and compare them.