Social Security Full Retirement Age is Now Set
Understanding how Social Security works may just have gotten easier. The full retirement age to collect Social Security is now set. It made its final adjustment this year.
According to an article by Fox Business, the full retirement age — the age at which individuals are eligible to claim their full Social Security benefit — increased to 67 this year for people who were born in 1960 (and who will turn 62 this year). The full retirement age will remain 67 for anyone born after 1960, barring any future changes by Congress.
Lawmakers started steadily increasing the full retirement age in 1983 as part of a law that strengthened Social Security’s finances. Legislators felt this was necessary because of improvements in the health of older Americans and the increased life expectancy.
Workers can still begin collecting Social Security benefit payments when they turn 62 but will face a penalty for not waiting until the full retirement age. For example, if someone decides to collect Social Security at age 62, their benefit would be reduced by 30 percent on a monthly basis.
The Seniors Trust is devoted to improving Social Security for all retirees. It wants Congress to enact the Social Security Expansion Act which will increase benefits, create a strong and long-lasting trust fund, and guarantee every retired worker receives adequate Social Security benefits and a fair Cost-of-Living Adjustment (COLA). You can show your support by signing our petition to Congress.
