Social Security's full retirement age is increasing in 2025: What to know

Full retirement age for Social Security gradually rising to 67 based on reform law from 1983​

Social Security's "full retirement age" is set to increase next year, meaning that those nearing retirement will have to hold off a little longer before they can claim a larger benefit.

The full retirement age (FRA) for Social Security was 65 when the program was created in the 1930s, but reforms made in 1983 gradually increased the FRA from age 65 to 67 in two-month increments over a 22-year period that started for those who turned 62 in 2000.

Next year, the FRA will rise to 66 years and 10 months for people born in 1959. They would start to qualify for their full Social Security benefits starting in November 2025.

Retirees can begin collecting their Social Security benefits before they reach the FRA, with the minimum age to do so being 62. However, retirees who claim early will have their monthly benefit permanently reduced by as much as 30% depending on how early they claim.

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Social Security's full retirement age is increasing in 2025: What to know

The full retirement age for Social Security is set to increase in 2025, with the age for new retirees to claim and receive their full benefit rising to 66 years and 10 months.

www.foxbusiness.com

 

[Ghoti Ichthus]

Full retirement age for Social Security gradually rising to 67 based on reform law from 1983​

Social Security's "full retirement age" is set to increase next year, meaning that those nearing retirement will have to hold off a little longer before they can claim a larger benefit.

The full retirement age (FRA) for Social Security was 65 when the program was created in the 1930s, but reforms made in 1983 gradually increased the FRA from age 65 to 67 in two-month increments over a 22-year period that started for those who turned 62 in 2000.

Next year, the FRA will rise to 66 years and 10 months for people born in 1959. They would start to qualify for their full Social Security benefits starting in November 2025.

Retirees can begin collecting their Social Security benefits before they reach the FRA, with the minimum age to do so being 62. However, retirees who claim early will have their monthly benefit permanently reduced by as much as 30% depending on how early they claim.

More

Social Security's full retirement age is increasing in 2025: What to know

The full retirement age for Social Security is set to increase in 2025, with the age for new retirees to claim and receive their full benefit rising to 66 years and 10 months.

www.foxbusiness.com

Still waiting until 70 (if I'm still here)

 

[Spartan Sprinter]

Yeah theyy've increased it down here as well to 70 a few years ago.

People at work go you should start investing in your super more, i said why?

A) I'll either be dead by the time i reach that age

B) I'd be raptured or the world would have ended by then

They were shocked at my response to say the least

 

[Batman]

Hoping to retire or at least deeply semi retire soon (will be 60 in Feb), but will not touch SS until 67. My wife is 4 years younger and her school principal career is going good while my career choice worsens in adversarial, condescending, foot dragging, backstabbing nonsense.

 

[Margery]

That retirement age was started when few people lived much past that. Our lifespans have been steadily increasing since and pensions are a huge cost to employers as well as govt pensions.

That said, George was glad he took early retirement in 2013 at age 63, and so am I- we enjoyed those last years of his life. It happened due to a new boss (bad) who didn't listen and instead of doing maintenance on a remote mountain top in mid summer, said no, and ended up sending G on an emergency helicopter ride to that same site in January of 2013 where he ended up nearly breaking his leg and the pilot had to dig him out of deep snow.

George came back in one piece and gave notice of retirement that week but it didn't take effect till October of 2013. The one over top the new bad boss guessed the problem and tried to change George's mind but he prayed over it and felt God was saying NOW, so he did.

So thankful he did!