Your Full Retirement Age Isn't a Fixed Number
For many years, the full retirement age (FRA) for Social Security benefits was a standard 65 for all retirees. However, due to longer life expectancies, Congress passed legislation in 1983 to gradually increase this age. This means the full retirement age today is not a single number for everyone. Instead, it is based on your birth year and steadily increases for certain age groups until it reaches 67.
Your FRA is the age at which you are eligible to receive 100% of the Social Security benefits you have earned throughout your career. If you decide to claim benefits before your FRA, your monthly payment will be permanently reduced. Conversely, if you delay claiming benefits past your FRA, up to age 70, you can receive an increased monthly amount.
The Official Social Security Schedule
To determine your specific full retirement age, you can consult the official schedule used by the Social Security Administration (SSA).
Full Retirement Age by Year of Birth
- Born in 1943–1954: 66
- Born in 1955: 66 and 2 months
- Born in 1956: 66 and 4 months
- Born in 1957: 66 and 6 months
- Born in 1958: 66 and 8 months
- Born in 1959: 66 and 10 months
- Born in 1960 or later: 67
For those born on the first day of a month, the SSA calculates your FRA as if you were born in the preceding month. For example, a person born on March 1, 1958, would have their FRA calculated based on a birth date in February 1958.
The Three Main Claiming Options
When approaching retirement, you have three primary choices for when to begin collecting your Social Security benefits.
- Claiming Early (Age 62): You can start receiving retirement benefits as early as age 62, but doing so results in a permanent reduction in your monthly payment. For someone with an FRA of 67, claiming at age 62 means receiving only about 70% of the full benefit. While this provides an income source earlier, it means a smaller check for the rest of your life.
- Claiming at Your FRA: If you wait to claim until your full retirement age, you will receive 100% of your primary insurance amount (PIA), which is your full benefit. This is the option many people consider when they are able to wait and want to avoid the permanent reduction in benefits that comes with an early claim.
- Claiming Later (Age 70): You can delay claiming benefits past your FRA up to age 70. Each year you wait, you earn delayed retirement credits, which permanently increase your monthly benefit by 8% per year until age 70. For someone with an FRA of 67, waiting until age 70 can result in a benefit that is 24% higher than their FRA amount. There is no additional benefit increase for delaying past age 70.
A Comparison of Claiming Ages
| Factor | Claiming Early (Age 62) | Claiming at FRA | Claiming Later (Age 70) |
|---|---|---|---|
| Monthly Benefit | Permanently reduced by up to 30% | 100% of your full benefit | Permanently increased by up to 24% |
| Total Lifetime Payout | Higher cumulative benefit if you have a shorter life expectancy | A balanced approach, with a stable monthly benefit | Higher cumulative benefit if you have a longer life expectancy |
| Benefits While Working | Subject to an annual earnings test, which can temporarily reduce benefits | Earnings do not affect your benefit after you reach your FRA | No earnings test; benefits increase with extra earnings |
| Considerations | Need income early, shorter life expectancy, or need to fund household needs sooner | Balanced choice for many retirees | Maximize monthly income, longer life expectancy, or have other income sources |
Work History and Benefit Recalculations
Another critical factor in your Social Security benefits is your work history. Your benefit amount is based on your highest 35 years of earnings. If you work more than 35 years, the SSA replaces a lower-earning year with a higher-earning one, potentially increasing your monthly payment.
If you choose to work while receiving benefits before your FRA, you are subject to the annual earnings test. For example, in 2025, if you are under FRA all year, your benefits are temporarily reduced by $1 for every $2 you earn above $23,400. This reduction is not permanently lost; at your FRA, the SSA recalculates your benefit to give you credit for the benefits that were withheld. Once you reach your FRA, there are no limits on how much you can earn.
What This Means for Your Retirement Planning
The question of how many years is full retirement is really a question of personal strategy. There is no one-size-fits-all answer. Your decision of when to start collecting benefits should be based on your individual financial needs, health status, and life expectancy. For example, if you anticipate a shorter life expectancy, claiming benefits earlier might be a sensible choice to maximize your total lifetime payout. Conversely, if you expect to live a long life, delaying your claim to age 70 could provide a substantially higher monthly income for many years.
It is essential to weigh the trade-offs of each option carefully. Resources like the Social Security Administration's online calculators can help you estimate your potential benefits based on different claiming ages. Speaking with a financial advisor can also provide personalized guidance to help you navigate these important choices.
To see your personalized estimates and learn more about your options, visit the official Social Security website: Social Security Administration.
