Most Americans may consider the standard retirement age to be 65, but the so-called “full retirement age” for Social Security is already older than that — and it’s about to hit an even higher age in 2025.
Social Security’s full retirement age (FRA) refers to when workers can start claiming their full benefits, which is based on the number of years they’ve worked as well as their income during their working years. The longer someone works and the higher their income, the more they can receive from Social Security when they finally claim their benefits.
While the FRA used to be 65 years old, Congress overhauled the program in 1983 to raise the retirement age threshold in order to account for longer life expectancies.
As part of that revamp, the FRA has been inching higher by two months at a time, based on a person’s birth year. For instance, people who were born in 1957 reached their FRA when they turned 66 years and 6 months old, or starting in 2023; but people born in 1958 must turn 66 years and 8 months old to qualify for their full benefits, or starting in September 2024.
The full retirement age is set to increase again by two months, to 66 years and 10 months old, for people born in 1959. That means the higher FRA for that cohort will go into effect in 2025, with people born in 1959 starting to qualify for their full benefits in November 2025. (You can calculate when you could get your full benefits on this Social Security Administration page.)
To be sure,…
