The Social Security Administration (SSA) made some changes to the Full Retirement Age (FRA), and 65 is no longer the normal retirement age. As a matter of fact, it will soon be 67 for those American citizens born in 1960 or later. Therefore, it will increase by 2 years if compared to the previous normal retirement age of 65.
Social Security’s Full Retirement Age is the age when a worker can receive 100% of their retirement benefits and will not get a reduction. That is why it is important for citizens to know when this moment takes place. Early filing can considerably reduce your monthly payment. In fact, not all workers can afford to get a reduction, and not everyone has saved the same amount of money for retirement.
Were you born from 03/02/1959 to 03/31/1959? Get 100% of Social Security
If you were born from March 2, 1959, through March 31, 1959, you will reach Full Retirement Age in January 2026. Do not forget that workers born on January 1 of any year should refer to the FRA (or normal retirement age) for the previous year.
Those Americans born on those days will be able to collect 100% of their Social Security payment if they file to collect benefits once they reach FRA. Do you think this retirement payment amount will not be enough?
Then, you could delay retirement until you turn 70 years old. It will mean you will receive a reward from the Social Security Administration. Each year you work and pay taxes to the SSA, you get about 8% extra.
In total, a worker who delays retirement until they are 70 years old receives 24% extra per month. It could be a great amount of money if your monthly payment is one of the highest because of your work history.
Actually, the largest Social Security payment is $5,108 at 70. On the contrary, if you file at Full Retirement Age, you could get up to $4,018 if:
- You applied at FRA
- You worked for 35 years or longer
- You earned the contribution and benefit base on all these years
- You had jobs covered by the SSA
Social Security Normal Retirement Age List
Those workers who are not sure when their Ful Retirement Age is can simply check this list. They will be able to compare and see how it has been changed over time.
- Age 67 – Born in 1960 or later
- Age 66 and 10 months – Born in 1959
- Age 66 and 8 months – Born in 1958
- Age 66 and 6 months – Born in 1957
- Age 66 and 4 months – Born in 1956
- Age 66 and 2 months – Born in 1955
- Age 66 – Born between 1943–1954
- Age 65 and 10 months – Born in 1942
- Age 65 and 8 months – Born in 1941
- Age 65 and 6 months – Born in 1940
- Age 65 and 4 months – Born in 1939
- Age 65 and 2 months – Born in 1938
- Age 65 – Born in 1937 or earlier
American workers who would like to know the exact month and year when they could receive 100% of their retirement benefit payments can use this SSA tool on their website at: https://www.ssa.gov/oact/progdata/nra.html