Millions of Americans receive Social Security payments every year. However, many of them have not waited to reach Full Retirement Age to apply for monthly payments in the United States.
As a matter of fact, there are seniors who get reductions for filing as early as possible. That is when they turn 62 years old. Nevertheless, it means receiving 30% less from Social Security. But when can Americans reach Full Retirement Age in 2025?
Social Security and Full Retirement Age in 2025
Full Retirement Age is no longer 65. It used to be that age, but it has gradually increased. For example, if you were born in 1960 or later, your Full Retirement Age is 67.
In 2025, workers who turn 66 years and 10 months have reached Full Retirement Age. Therefore, if they file once they reach their normal retirement age, they will be able to get full benefits.
Actually, it was 66 years and 8 months in 2024. As you can see, it has been gradually increasing until 67 becomes Full Retirement Age. But can retired workers get extra money from Social Security?
Social Security & delayed credits
Filing at Full Retirement Age can be a great idea if what you need is 100% of your benefits to make ends meet. If you delay filing until you are 70, you can benefit from a 24% extra.
Each additional year you work after Full Retirement Age means getting 8% extra. So, if you are happy with your job and you are healthy enough to carry on with it, you can wait until you are 70 to get Social Security.
For example, if maximum retirement benefits are compared, there is a considerable difference between filing at 62 and at 70:
- largest benefit at 62: $2,831
- largest benefit at FRA: $4,018
- largest benefit at 70: $5,108
Not sure what your future Social Security payment amount will be like? All you have to do is check your Statement. It is free and you can get it online. It will provide you with possible future payment amounts by age.
