Wed Jun 25 21:20:00 UTC 2025: Here’s a news article summarizing the key points from the provided text:
**Americans Face Longer Wait for Full Social Security Benefits as Retirement Age Creeps Up**
**Washington, D.C.** – Americans planning for retirement will need to wait longer than ever to receive their full Social Security benefits. In 2026, for the first time since the program’s inception 90 years ago, the full retirement age (FRA) will reach 67. This change, a result of 1983 reforms aimed at bolstering the system’s financial stability, is already impacting those nearing retirement.
The Social Security Act, signed into law by President Franklin D. Roosevelt in 1935, was created to combat elder poverty. However, the program’s long-term viability is under threat, with projections suggesting it could run out of funds by 2034.
Individuals can choose to retire as early as age 62, but doing so will result in a permanent reduction in their monthly benefits. For those born in 1959, the FRA of 67 will be their reality. Delaying retirement beyond the FRA increases monthly payments until age 70.
For example, based on a hypothetical base monthly benefit of $1,800, someone retiring at 62 would receive only $1,260 per month. Retiring at 65 would yield $1,560, while waiting until 67 unlocks the full $1,800. Delaying until 70 could result in a monthly payment of approximately $2,323.
The gradual increase in the retirement age began after reforms signed into law by President Ronald Reagan in 1983. Facing economic challenges and a system on the brink of financial collapse, lawmakers recognized the need for changes to reflect increased life expectancy and the shrinking ratio of workers to retirees.
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