The full retirement age for Social Security benefits has increased to 67 for people born in 1960 or later. This change was part of a law passed by Congress in 1983, designed to help stretch the program’s funding.
Before this change, the full retirement age was 65. People could retire and start taking their full Social Security benefits at that age. Retirees born in 1960 or later can only receive their full benefits at age 67.
Workers who keep working until age 70 will get even higher benefits. They will receive increased benefits for the extra years they work past age 67. Maria Freese is a senior legislative representative at the National Committee to Preserve Social Security and Medicare.
She explained why the full retirement age went up and how it affected retirees. Freese said the 1983 law increased taxes that fund Social Security and included some benefit cuts.
Raising the retirement age was one of those cuts. The change happened slowly over many years.
Full retirement age now 67
This gave people time to plan for it. The retirement age first went from 65 to 66. Then it paused for about 10 years before going up to 67.
Many people try to work as long as possible if their health allows it and jobs are available. However, health problems often force people to retire earlier than they planned. This means they must claim Social Security sooner because they don’t have other income or savings.
When people take Social Security early, they get reduced benefits, which increases their reliance on it. Many retirees depend on Social Security for most or all of their income.
They must make hard choices, like not filling prescriptions or splitting pills to afford things. The full retirement age is now 67 for people born in 1960 or later. It won’t go up again unless Congress passes a new law.
Some people, especially Republicans, have talked about raising the retirement age to 70 or tying it to how long people live in general. This change shows how important it is for future retirees to plan ahead. They need to be flexible to make sure they have enough money.
