Social Security Full Retirement Age Increases Again
The full retirement age – the age at which individuals are eligible to claim their full Social Security benefit – rose to 67 this year for those who were born in 1960.
From this year forward, the full retirement age will remain 67 for anyone born after 1960, barring any future changes by Congress.
Congress mandated the changes in 1983 as part of a law that strengthened the program’s finances. In doing so, lawmakers cited the improvements in the health of older Americans and the increased life expectancy.
Workers can begin collecting their Social Security benefits when they reach 62, for a price.
A benefit is reduced 5/9 of one percent for each month before the full retirement age, up to three years. If the number exceeds three years (or 36 months), then the benefit is further reduced 5/12 of one percent each month.
For instance, if someone chose to collect Social Security at age 62, the benefit would be reduced by 30% on a monthly basis.