Thu Dec 26 18:00:00 UTC 2024: ## Social Security Full Retirement Age Reaches 67 for Some, Impacting Millions

**Washington, D.C.** – Millions of Americans are approaching retirement age, and a key number is impacting their Social Security benefits: 67. This is the full retirement age for individuals born in 1960 or later, meaning they will receive the maximum monthly benefit if they claim at this age.

While the gradual increase to age 67 was established by legislation in 1983, its relevance is growing as more people reach retirement. Claiming benefits before full retirement age – as early as 62 – results in permanently reduced payments. Conversely, delaying benefits beyond full retirement age, up to age 70, increases monthly payments by 8% annually.

“The longer you wait, the bigger your monthly check,” explains Gal Wettstein, a senior research economist at the Center for Retirement Research at Boston College. This is because delaying benefits until 70 maximizes the delayed retirement credit. For example, the maximum monthly benefit in 2024 is $3,822 at full retirement age, but only $2,710 at age 62 and $4,873 at age 70.

Joel Eskovitz, senior director at the AARP Public Policy Institute, emphasizes that while age 62 marks eligibility for Social Security, the full retirement age dictates the amount received. He also clarifies that any reduction in benefits from early claiming is permanent.

Beyond the full retirement age, another significant age is 65, the eligibility age for Medicare. While there are no current plans to raise the full retirement age for Social Security, Wettstein notes that the system’s deficit could necessitate future adjustments.

In 2025, Social Security benefits will increase by 2.5% due to the annual cost of living adjustment (COLA), adding approximately $50 to the average monthly benefit. The decision of when to claim benefits remains a personal one, considering individual factors like health, employment, and family circumstances. AARP provides online resources to assist with this decision.

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