The History of Social Security’s Full Retirement Age
The full retirement age (FRA) for Social Security benefits was traditionally 65. However, the Social Security Amendments of 1983 initiated a gradual increase to the FRA due to factors like increased life expectancy and a changing ratio of workers to retirees [1, 3]. This legislative change aimed to strengthen the program's long-term financial stability [3].
The Phased-in Schedule to Age 67
The increase to the FRA was implemented incrementally based on birth year [1]. For individuals born between 1943 and 1954, the FRA was 66 [1]. The FRA gradually increased for subsequent birth years until it reached 67 for those born in 1960 or later [1]. This phased approach was designed to allow workers time to adjust their retirement plans [3]. The table below illustrates this schedule [1]:
| Year of Birth | Full Retirement Age |
|---|---|
| 1943–1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 and later | 67 |
Therefore, the FRA reached 67 for the applicable birth cohort some years ago, not recently [1].
Claiming Options: How Your Age Impacts Your Benefits
You can begin receiving Social Security benefits as early as age 62, but this results in a permanent reduction in your monthly payment [2]. The amount of the reduction depends on how early you claim relative to your FRA [2]. For example, if your FRA is 67 and you claim at 62, your monthly benefit will be reduced by about 30% [2].
Claiming benefits at your FRA ensures you receive your full primary insurance amount [2]. If you delay claiming benefits beyond your FRA, up to age 70, you can earn delayed retirement credits [2]. These credits increase your monthly benefit by 8% per year you delay [2]. Benefits do not increase further after age 70 [2].
To understand your specific situation, review your personalized benefits statement by creating or accessing your my Social Security account on the official website. For comprehensive information on retirement benefits, visit the official Social Security Administration website [1, 2].
The Wider Implications of the Retirement Age Change
The increase in the FRA means that individuals must work longer to receive their full benefits compared to previous generations [3]. Someone retiring at 65 with an FRA of 67 will receive a lower monthly benefit than someone who retired at their FRA of 65 in the past [3]. This can impact retirement planning and financial security, especially for those who may need to retire earlier due to health or job demands [3].
Discussions about further increases to the retirement age occasionally arise in policy discussions regarding the program's long-term funding [3]. While no future increases have been enacted, it highlights the importance of flexible retirement planning [3, 4].
Conclusion
The statement "Did Social Security just get to age 67?" refers to a change that concluded several years ago. The full retirement age of 67 applies to individuals born in 1960 and later as a result of legislation passed in 1983 [1, 3]. Understanding this phased-in change and how your claiming age affects your benefits is essential for informed retirement planning [2].
