Millions of American workers near the age to claim Social Security retirement benefits. Many of them wondering about when they will be able to retire and collect their full benefits.
Is it 65, 67, or something else?
If you are near your retirement or just starting to think about retirement, this is very important to understand how the Full Retirement Age (FRA) works in the United States in 2025.
What Is Full Retirement Age?
In the past, the FRA was 65 years. But this has changed. The government has gradually increased the age or retirement at which workers can retire and receive 100% of their Social Security benefits.
Why the change?
Well, people are living longer now. And the Social Security system need to adjust accordingly. It was first created in 1935, and now the things have changed a lot.
Full Retirement Age in 2025
The FRA is not 65 or 67. If you are planning to retire in 2025, the FRA will depends on your birthdate.
- If you born before 1st September, 1959, your FRA is now 66 years and 8 months.
- If you born after 1st September, 1959, your FRA will be 66 years and 10 months now.
You may have heard that 67 is the normal age for the retirement. This is for those, who born in 1960 or later. But not until 2027.
So, if you are planning to retire in 2025, do not worry! it is not quite 67 yet.
How you can find your Full retirement Age?
The Social Security Administration (SSA) make it easy for you to check your FRA. You can use an online tool to find your exact Full Retirement Age.
Here is how you can do it:
- Go to the Social Security Age Calculator on the official website of SSA: Social Security Age Calculator.
- Then put your birth year, and the tool will tell you when you will be able to file for your benefits without any reductions.
The reductions in the benefits?
If you retire before your Full Retirement Age, your benefits will be reduced by SSA.
The SSA provides a Retirement Age Chart that shows how much your benefits will drop depending on when you start collecting them. The earlier you claim your benefits, the smaller your monthly payments will be.
So, wait until your FRA. This is the key to get the full benefits you deserve.
Check your Social Security statement
Do you want to know the exactly how much you will receive when you retire?
You can check your Social Security Statement online. This is available in your my Social Security account. The statement will show you how much you earned over the past years. And what your monthly benefits may look like at different retirement ages. And also how much you can expect to receive based on your personal financial situation.
How the FRA matters to you?
Understanding your Full Retirement Age is important because it will help you to plan better for the future. Whether you want to retire soon or you prefer to work a bit longer, it will be helpful to know about the Full Retirement Age by SSA.
In 2025, your Full Retirement Age is 66 years and 8 or 10 months. it will be depended on your birthdate.
If you born in 1960 or later, your FRA is 67 years. But that will not be the case until 2027.
Be sure to check the Social Security tools available which can help you to plan for your retirement. And start thinking about how to make your benefits last.
