Social Security Full Retirement Age Increases to 67 in 2026

Starting in 2026, a significant change arrives for Social Security. Workers born in 1960 or later will see their full retirement age rise to 67. This shift is part of a long-planned update to the Social Security Act. It aims to ensure the program’s long-term financial health.

According to the Social Security Administration, this change addresses an aging population and longer life expectancies. It will impact how younger workers plan their retirement. Many will need to work longer to receive their full benefits.

Understanding the New Full Retirement Age

The full retirement age (FRA) is when you can receive 100% of your Social Security benefit. For decades, the FRA was 66. The new rule moves it to 67 for a new generation. This affects anyone born in 1960 or after.

Claiming benefits before your FRA results in a permanent reduction. Retiring at age 62 could slash your monthly check by up to 30%. This makes early retirement a much more costly decision.

Reports from CBS News highlight the long-term impact. Younger cohorts may receive lower lifetime benefits because of this change. Careful financial planning is now more crucial than ever.

Financial Implications and Planning Strategies

This change makes delaying benefits more valuable. If you can wait until after your FRA, your monthly payment increases. Delaying until age 70 results in the highest possible monthly benefit.

Continuing to work past your full retirement age can also boost your check. Kiplinger notes that your benefit is based on your highest 35 years of earnings. Working longer can replace low-earning years in your calculation.

The Social Security Administration offers online calculators. These tools help you determine your personal FRA and estimate benefit amounts. Using them is a key step in retirement planning.

The 2026 update makes understanding your Social Security timeline essential. Planning ahead can help you maximize your benefits and secure your financial future despite the rising retirement age.

Info at your fingertips

Who is affected by the retirement age change to 67?

Anyone born in 1960 or later is affected. Their full retirement age is now 67. People born before 1960 are not subject to this new rule.

What happens if I retire at 62 under the new rules?

Your monthly benefit will be permanently reduced. The reduction could be as high as 30 percent. This is a larger cut than for previous generations.

Can I increase my Social Security benefit?

Yes, you can increase your benefit by delaying your claim. Each year you delay past your full retirement age adds to your monthly check. This continues until you reach age 70.

Why is the full retirement age increasing?

The change is due to longer life expectancies. It is designed to help keep the Social Security program financially stable. An older population requires these adjustments.

How can I check my full retirement age?

You can use the calculator on the Social Security Administration’s official website. It provides your exact full retirement age based on your birth year. This is the most reliable source for this information.

Trusted Sources

Social Security Administration, CBS News, Kiplinger