What the retirement age increase means for you
The full retirement age — the age at which you receive your complete Social Security benefit — has been rising since 2000 and will continue to rise until 2027. If you were born in 1943 or earlier, your full retirement age is 65. If you were born between 1943 and 1954, it increases by two months for each year you were born. If you were born in 1960 or later, your full retirement age is 67. The year you were born determines your specific age.
You can still claim Social Security as early as age 62, but your monthly payment will be permanently smaller. You can also wait past your full retirement age to claim, and your payment will be permanently larger. The increase in full retirement age does not change these options — it changes what "full" means for your birth year.
Key Takeaways
- Your full retirement age depends on your birth year: it ranges from 65 for those born in 1943 or earlier to 67 for those born in 1960 or later.
- You can claim as early as 62, but your monthly benefit will be reduced by roughly 30 percent if you claim at 62 instead of your full retirement age.
- You can delay claiming past your full retirement age and receive a larger monthly benefit, increasing by about 8 percent for each year you wait until age 70.
- The retirement age increase does not change when you can start claiming — only what your "full" benefit amount is at each age.
- Your birth year alone determines your full retirement age; you do not need to do anything to find out what it is.
How the retirement age increase happened
Congress changed the Social Security law in 1983 to gradually raise the full retirement age. At that time, people were living longer on average than when Social Security began in 1935, and the program needed adjustments to remain solvent. Rather than raise it all at once, lawmakers phased in the increase over many decades.
The increase began in 2000 for people born in 1943. It has been moving forward two months per birth year since then. This means if you were born in 1950, your full retirement age is 66 and two months. If you were born in 1955, it is 66 and ten months. The increase stops at 67 for anyone born in 1960 or later.
Your full retirement age based on birth year
| Birth Year | Full Retirement Age |
|---|---|
| 1943 or earlier | 65 |
| 1943–1954 | 65 plus 2 months per year born after 1942 |
| 1955 | 66 and 10 months |
| 1956 | 67 |
| 1960 or later | 67 |
What happens if you claim before your full retirement age
You can claim Social Security at 62 no matter what your full retirement age is. If you do, your monthly benefit will be permanently reduced. The reduction is roughly 30 percent if you claim at 62 instead of waiting until your full retirement age. The exact percentage depends on your birth year because the gap between 62 and your full retirement age varies.
For example, if your full retirement age is 67 and you claim at 62, you lose five years of payments at full rate. If your full retirement age is 65 and you claim at 62, you lose three years. The longer the gap, the larger the reduction to your monthly check.
This reduction stays with you for life. If you claim at 62, you will receive a smaller monthly amount for as long as you receive Social Security, even if you live to 100. Many people claim early because they need the money now or because they are unsure they will live long enough to break even. Both are valid reasons — the choice depends on your situation.
What happens if you delay claiming past your full retirement age
You do not have to claim at your full retirement age. You can wait until 70, and your monthly benefit will increase for each year you delay. The increase is roughly 8 percent per year. If your full retirement age is 67 and you wait until 70, your monthly benefit will be about 24 percent larger than it would be at 67.
This increase also stays with you for life. If you delay until 70, you will receive a larger monthly amount for as long as you receive Social Security. The trade-off is that you receive fewer total payments before age 70 because you have not claimed yet. Whether delaying makes sense depends on your health, your family history of longevity, and whether you need the money now.
How the retirement age increase affects your benefit amount
The retirement age increase does not change how much money you have paid into Social Security or how your benefit is calculated. It changes the age at which you receive your full benefit amount. If you were born in 1960, your full retirement age is 67 instead of 65. This means you will receive a smaller benefit if you claim at 62, and a larger benefit if you delay past 67.
Your actual benefit amount is based on your earnings history — specifically, your 35 highest-earning years. The Social Security Administration calculates this the same way regardless of your birth year. The retirement age increase only affects when you reach the age that unlocks your full calculated amount.
How to find your full retirement age
You do not need to contact Social Security or look anything up. Your full retirement age is determined by your birth year alone, and you can find it in the table above or on the Social Security Administration website. If you want a detailed statement of your earnings history and your estimated benefits at different claiming ages, you can create an account on ssa.gov and view your Social Security Statement.
Your statement shows your estimated monthly benefit if you claim at 62, at your full retirement age, and at 70. These are estimates based on your current earnings record and assume you continue working until that age. The actual amount may be different if your earnings change or if you work longer or shorter than expected.
Frequently Asked Questions
Can I claim Social Security before 62?
No. The earliest age you can claim is 62, regardless of your birth year or full retirement age. If you need income before 62, you would need to look at other sources like savings, part-time work, or other benefits you may be may have access to to.
Does the retirement age increase mean I have to work longer?
No. You can still claim at 62 if you want to. The increase means your full benefit amount is at a higher age, but you have the same choices about when to start. Claiming early will reduce your benefit more than it would have under the old rules, but the choice is still yours.
What if I was born between 1943 and 1954?
Your full retirement age falls somewhere between 65 and 67, depending on your exact birth year. For each year after 1942 that you were born, add two months to 65. If you were born in 1950, your full retirement age is 66 and two months. The Social Security Administration website has a chart showing the exact age for each birth month.
If I delay claiming until 70, how much more will I get?
Your monthly benefit increases by roughly 8 percent for each year you delay past your full retirement age, up to age 70. If your full retirement age is 67 and you wait until 70, you would receive about 24 percent more per month than you would at 67. Your Social Security Statement shows your estimated benefit at age 70.
Does the retirement age increase affect people already receiving benefits?
No. If you are already receiving Social Security, the retirement age increase does not change your benefit amount. The increase only affects people who have not yet claimed. Your benefit continues as it is, and you receive cost-of-living adjustments each year like everyone else.