Full retirement age is climbing to 67 for people born in 1960 and later

If you were born in 1960 or later, your full retirement age — the age at which Social Security pays you your complete benefit amount — will be 67. This is different from people born before 1960, whose full retirement age is lower. The shift happens gradually: people born between 1943 and 1954 have a full retirement age of 66, and those born between 1955 and 1959 have a full retirement age somewhere between 66 and 67, depending on their birth year.

The year 2026 is significant because that is when the last group to have a full retirement age below 67 will turn 62 — the earliest age you can claim Social Security. Starting in 2026, anyone newly turning 62 will have a full retirement age of 67 or higher. This does not mean you must wait until 67 to claim; it means that if you claim before 67, your monthly payment will be permanently reduced.

Key Takeaways

  • Full retirement age of 67 applies to anyone born in 1960 or later, and this becomes the standard for all new claimants starting in 2026.
  • You can still claim Social Security at 62, but your monthly payment will be about 30 percent lower than if you waited until 67.
  • Waiting past 67 to claim increases your monthly payment by about 8 percent per year, up until age 70.
  • Your birth year determines your exact full retirement age; Social Security's website has a table showing the age for each year.

How the full retirement age increase affects your payment amount

The amount you receive each month depends on two things: your earnings record and the age at which you claim. Social Security calculates a primary insurance amount — the payment you would receive at your full retirement age. If you claim before that age, the payment is reduced. If you claim after, it increases.

The reduction for claiming early is permanent. If your full retirement age is 67 and you claim at 62, you lose roughly 30 percent of your monthly benefit for life. The exact percentage varies slightly by birth year, but the reduction is locked in the month you claim. If your full retirement age is 67 and you wait until 70 to claim, your monthly payment will be about 24 percent higher than it would be at 67.

This means the year 2026 does not change how much money you have earned — it changes the age at which you receive your full amount. Someone born in 1960 who worked the same job as someone born in 1959 will have earned the same benefit, but the person born in 1960 must wait one month longer to receive it without a reduction.

What your birth year means for your full retirement age

Social Security uses a table to assign full retirement age based on birth year. People born in 1943 through 1954 have a full retirement age of 66. Starting with those born in 1955, the age increases by two months for each birth year, until it reaches 67 for people born in 1960 and later.

Here is how it breaks down: if you were born in 1955, your full retirement age is 66 and two months. If you were born in 1956, it is 66 and four months. This continues until 1959, when it reaches 66 and ten months. Anyone born in 1960 or after has a full retirement age of 67. Social Security's website includes an official table where you can look up your exact age based on your birth month and year.

Claiming before 67: the early benefit and the reduction

You can claim Social Security as early as age 62, regardless of your full retirement age. But claiming early means accepting a smaller monthly payment. The reduction is permanent — it does not increase later, and it affects not only your own benefit but also any family members who receive benefits based on your record.

For someone with a full retirement age of 67, claiming at 62 results in a reduction of about 30 percent. Claiming at 63 reduces it by about 25 percent. Claiming at 64 reduces it by about 20 percent. Claiming at 65 reduces it by about 13 percent. Claiming at 66 reduces it by about 6.7 percent. The exact percentages depend on your birth year, but the pattern is the same: the earlier you claim, the larger the reduction.

Some people claim early because they need the money now. Others claim early because they expect to live a shorter life than average. There is no single right answer — it depends on your health, your savings, and your personal situation.

Waiting past 67: delayed retirement credits

If you wait past your full retirement age to claim, Social Security adds delayed retirement credits to your benefit. These credits increase your monthly payment by about 8 percent per year. You can earn these credits until age 70; after that, there is no financial benefit to waiting longer.

For someone with a full retirement age of 67, waiting until 68 increases the monthly payment by about 8 percent. Waiting until 69 increases it by about 16 percent. Waiting until 70 increases it by about 24 percent. This increase is also permanent — once you claim at 70, your payment stays at that higher level for life.

Waiting to claim is often a good choice if you are in good health, have savings to live on, or expect to live into your mid-80s or beyond. The longer you live, the more total money you receive by waiting.

How 2026 affects people already receiving benefits

If you are already receiving Social Security in 2026, nothing changes. Your payment amount stays the same. The full retirement age increase affects only people who have not yet claimed. It does not affect current beneficiaries, and it does not change the cost-of-living adjustments that Social Security makes each year.

The increase also does not affect Medicare. You can still enroll in Medicare at 65, regardless of your full retirement age or whether you have claimed Social Security.

Planning your claim strategy around the 67 full retirement age

Deciding when to claim Social Security is a personal choice that depends on your health, your family history, your savings, and your life expectancy. There is no universal best age. Some people benefit from claiming early; others benefit from waiting.

One tool Social Security offers is a benefit estimate, which you can request online at ssa.gov. This estimate shows what you would receive at different ages — 62, full retirement age, and 70. Comparing these amounts can help you think through the trade-off between a smaller payment now and a larger payment later.

If you are married, your spouse may also be may have access to to benefits based on your record, and the timing of your claim affects their payment as well. If you are divorced, you may be may have access to to benefits based on an ex-spouse's record. These situations add complexity, and Social Security's website has information about how spousal and ex-spousal benefits work.

Frequently Asked Questions

Can I still claim at 62 if my full retirement age is 67?

Yes. You can claim Social Security as early as 62 at any full retirement age. Claiming at 62 with a full retirement age of 67 means your monthly payment will be about 30 percent lower than it would be at 67. That reduction is permanent.

Does the full retirement age increase affect people born before 1960?

No. People born in 1959 or earlier have a full retirement age lower than 67. The increase to 67 applies only to people born in 1960 and later. Your full retirement age is determined by your birth year and does not change.

What happens if I wait past 70 to claim?

Social Security stops adding delayed retirement credits at age 70. There is no financial benefit to waiting past 70. If you have not claimed by then, you should contact Social Security to start your benefits.

Does my full retirement age affect when I can get Medicare?

No. You can enroll in Medicare at 65, regardless of your full retirement age or whether you have claimed Social Security. Medicare and Social Security are separate programs with separate ages.

Where can I find my exact full retirement age?

Social Security's website has an official table at ssa.gov that shows full retirement age by birth year and month. You can also call Social Security at 1-800-772-1213 to confirm your full retirement age.