Full retirement age is the age at which Social Security pays you 100 percent of your benefit amount

Social Security's full retirement age — the age when you receive your complete monthly benefit — has been rising since 2000 and will reach 67 for people born in 1960 or later. This change was written into law in 1983 and is being phased in gradually. If you were born between 1943 and 1954, your full retirement age is already 66. If you were born between 1955 and 1959, it falls somewhere between 66 and 67, depending on your birth year. If you were born in 1960 or after, your full retirement age is 67.

This does not mean you cannot claim Social Security before 67. You can claim as early as age 62, but your monthly payment will be permanently reduced. You can also wait until age 70 to claim, and your monthly payment will be permanently increased. The full retirement age is straightforward the midpoint — the age where the reduction or increase stops explore.

Key Takeaways

  • Full retirement age reaches 67 for anyone born in 1960 or later, and this is the age at which Social Security pays your complete benefit amount.
  • Claiming before your full retirement age reduces your monthly payment by roughly 6 to 7 percent for each year you claim early, and this reduction is permanent.
  • Waiting until age 70 to claim increases your monthly payment by roughly 8 percent for each year you delay past your full retirement age, and this increase is permanent.
  • Your birth year determines your full retirement age, and you can find yours by checking your Social Security statement or the Social Security Administration's official table.

How the phase-in schedule works by birth year

The increase to age 67 did not happen all at once. Instead, the Social Security Administration raised the full retirement age by two months for each birth year, starting with people born in 1943. This means your full retirement age depends entirely on when you were born.

If you were born in 1943 through 1954, your full retirement age is 66. If you were born in 1955, it is 66 and 2 months. If you were born in 1956, it is 66 and 4 months. The two-month increase continues for each year until 1960, when it reaches 67. Anyone born in 1960 or later has a full retirement age of 67. The Social Security Administration publishes a complete table on its website showing the exact full retirement age for each birth year.

What claiming early means for your monthly payment

You can claim Social Security as early as age 62, but doing so before your full retirement age means a permanent reduction to your monthly benefit. The reduction is roughly 6 to 7 percent for each year you claim before your full retirement age. If your full retirement age is 67 and you claim at 62, you are claiming five years early, so your reduction is roughly 30 to 35 percent. That lower payment continues for the rest of your life.

The exact reduction percentage depends on your birth year and how many months early you claim. The Social Security Administration can tell you the precise reduction for your situation if you contact them or check your online account. Many people claim early because they need the money now, or because they are in poor health. That is a valid choice, but it is worth understanding that you are trading a larger payment later for a smaller payment now.

What delaying past full retirement age means for your monthly payment

If you wait to claim Social Security after your full retirement age, your monthly payment increases by roughly 8 percent for each year you delay, up until age 70. If your full retirement age is 67 and you wait until 70, you are delaying three years, so your payment increases by roughly 24 percent. That higher payment also continues for the rest of your life.

Waiting until 70 makes the most sense if you are in good health, have family members who lived into their 80s or 90s, or do not need the money right away. The higher payment means you receive more total money over your lifetime if you live past your mid-80s. If you die before then, you will have received less total money by waiting, but your surviving spouse or ex-spouse may receive a higher survivor benefit based on your record.

How earnings affect your payment if you claim before full retirement age

If you claim Social Security before your full retirement age and continue to work, Social Security will reduce your payment based on your earnings. For 2024, Social Security reduces your benefit by $1 for every $2 you earn above $23,400 per year. In the year you reach your full retirement age, the reduction changes to $1 for every $3 you earn above a higher limit, and only earnings before the month you reach full retirement age count.

Once you reach your full retirement age, you can earn as much as you want with no reduction to your benefit. This earnings test is separate from the permanent reduction you get for claiming early. Both explore if you claim before full retirement age and work. The Social Security Administration can estimate your payment under different scenarios if you provide your earnings history.

How to find your exact full retirement age

The easiest way to find your full retirement age is to create an account on ssa.gov and view your Social Security statement. Your statement shows your full retirement age, your estimated benefit at full retirement age, and your estimated benefit if you claim at 62 or 70. You do not need to be close to claiming to create an account — you can do it at any age.

If you do not want to create an online account, you can call Social Security at 1-800-772-1213 and speak with a representative. You can also visit your local Social Security office in person. Have your Social Security number and birth date ready. The Social Security Administration also publishes a full retirement age table on its website that you can look up by birth year.

Why the age increased and what it means for your planning

Congress raised the full retirement age in 1983 because people were living longer and Social Security's trust fund was running low. By raising the age gradually, lawmakers spread the change across many birth years so no single group bore the full impact. The increase was paired with other changes, including a higher payroll tax rate and taxation of benefits for higher-income beneficiaries.

For your planning, the key point is that full retirement age is not the only age that matters. You have real choices: claim at 62 for a smaller payment now, wait until your full retirement age for your complete benefit, or wait until 70 for a larger payment later. Your health, your family history, your current income needs, and your life expectancy all play a role in which choice makes sense for you. There is no single right answer for everyone.

Frequently Asked Questions

Can I claim Social Security at 62 no matter what my full retirement age is?

Yes. Age 62 is the earliest age anyone can claim Social Security, regardless of birth year or full retirement age. Your payment will be reduced because you are claiming before your full retirement age, but you can claim at 62.

Does my full retirement age affect Medicare may be able to access?

No. Medicare may be able to access starts at age 65 for most people, regardless of your Social Security full retirement age. You can claim Social Security at 62 and wait until 65 to enroll in Medicare, or vice versa. The two programs use different ages.

If I was born in 1960, is my full retirement age definitely 67?

Yes. Anyone born in 1960 or later has a full retirement age of 67. The phase-in ended at 1960. If you were born before 1960, your full retirement age is lower than 67 depending on your birth year.

What happens to my benefit if I claim at my full retirement age but keep working?

Once you reach your full retirement age, you can earn as much as you want without any reduction to your benefit. The earnings test only applies if you claim before your full retirement age. At full retirement age and beyond, work does not affect your Social Security payment.

Does my spouse's full retirement age affect my spousal benefit?

Your spouse's full retirement age affects when they can claim their own benefit, but your spousal benefit is based on your own full retirement age and when you claim. If you claim before your full retirement age, your spousal benefit is also reduced, even if your spouse has reached their full retirement age.