What You Need to Know About the New Full Retirement Age
A big change is coming to Social Security this year. Starting in November, full retirement age (FRA) will now be 67 for anyone born in 1960 or later. According to an article by MLive.com, this comes after a gradual phase-in. It explains that the “Social Security Amendments of 1983 called for a gradual increase in the FRA over several decades, with the age rising by two months for each birth year.”
Although you can begin collecting Social Security as young as 62, individuals who wait until they reach FRA are entitled to the full amount of their Social Security retirement benefits.
The article points out that claiming Social Security early will permanently reduce the monthly benefits by as much as 30 percent when compared to waiting until reaching FRA. It notes that individuals who wait to receive retirement benefits “can see their monthly benefits increase by 8% for each year they delay, up to age 70.”
The Seniors Trust is committed to improving the financial well-being of older Americans by passing the Social Security Expansion Act. It will give retirees an immediate increase of about $200 a month in benefits, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
