Social Security Full Retirement Age Increase In 2026: What To Know – Blavity
The full retirement age for social security is increasing in 2026. It is the last age increase as part of a 1983 congressional reform. Those born in 1960 or later will soon have to wait until they are 67 in order to receive full retirement benefits. Here’s what you need to know.
Why is the full retirement age for social security benefits increasing?
Starting in 2026, the full retirement age will be set to 67. Those born in 1960 or later will be affected by the change. However, those born in 1960 won’t qualify for full benefits until 2027, according to CBS News.
The change is due to an amendment made to the Social Security Act in 1983. It was enacted in order preserve the program’s finances and reflect longer life expectancies of the U.S. population.
As Blavity reported, nearly four million U.S. citizens were born in 1960 and are impacted by the change.
The FRA has risen by two months every year since 2021. It currently stands at 66 years and 10 months for those born in 1959. The 2026 increase is the final step of the 1983 reform.
You may check your own full-benefit age by entering your birthdate into this social security calculator.
What happens if you claim Social Security benefits before you’re 67?
Those born in 1960 or later and who claim Social Security prior to turning 67 years old will have their benefits reduced. For instance, claiming Social Security at 62 years old could cut monthly benefits by 30%, per CBS News.
Although Americans may want to wait to hit full retirement age in order to claim full benefits, it isn’t always an option. In fact, the median retirement age in the U.S. is 62.
Nearly six out of 10 retirees stopped working earlier than originally planned, according to research conducted by the Transamerica Center for Retirement Studies. Workers who earned between $50,000 and $199,999 were found to have retired earlier due to unemployment and health concerns.
The post Social Security Full Retirement Age Increase In 2026: What To Know appeared first on Blavity.
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