Under the updated Social Security rules, you reach full retirement age (the age for 100% of your calculated benefit) at 67 if you were born in 1960 or later, while those born from 1955–1959 have a phased-in full retirement age between 66 and 10 months; claiming earlier than your full retirement age permanently reduces your monthly benefit, and delaying boosts it until age 70 through delayed retirement credits.
What “full benefits” means
Full retirement age (FRA) is the point at which your monthly Social Security retirement benefit is paid without early-claiming reductions. For anyone born in 1960 or later, the FRA is 67 under current law, reflecting the final step of the gradual increase enacted decades ago.
Early claiming vs. waiting
You can still claim as early as 62, but doing so results in a permanent reduction compared with waiting until your FRA; for someone with an FRA of 67, claiming at 62 can cut the benefit by roughly 30%. If you delay beyond FRA, you earn delayed retirement credits that raise your monthly benefit up to age 70, after which additional credits no longer accrue.
Current ages by birth year
The phased increase means a few months’ difference matters. People born in 1959 reach FRA at 66 and 10 months, while those born in 1960 or later reach FRA at 67. This is the fully phased schedule now used by the Social Security Administration for retirement planning.
FRA by birth year
Below is a concise table to identify your FRA based on year of birth. These values are drawn from current SSA guidance and widely used planning resources.
| Birth year | Full retirement age |
|---|---|
| 1943–1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 or later | 67 |
How delayed credits work
For workers born in 1943 or later, delaying beyond FRA raises benefits by about 8% per year (applied monthly) up to age 70, so waiting can substantially increase lifetime income if you expect a longer retirement horizon. Credits stop accruing at 70, so there is no advantage to waiting past that age to file.
Planning considerations
-
Health and longevity expectations. If your family history and health suggest longer life expectancy, delaying can increase lifetime benefits and survivor protection.
-
Income gaps and work. If working past FRA, you avoid the earnings test on benefits and can let delayed credits accumulate until you claim.
-
Spousal strategy. Coordinating claiming ages can optimize household income and survivor benefits, especially when one spouse has significantly higher earnings history.
Avoiding common mistakes
Starting at 62 without evaluating the permanent reduction can constrain income for decades; using the FRA-by-birth-year schedule helps avoid surprises. Equally, delaying past 70 forfeits payments since no further credits accrue, so plan to file by your 70th birthday at the latest.
Bottom line
Full benefits arrive at 67 for anyone born in 1960 or later; those born 1955–1959 have FRAs between 66 and 10 months under the phased schedule.
Claiming early reduces your monthly benefit, while delaying beyond FRA increases it via delayed retirement credits until age 70.
Use your exact birth year to pinpoint FRA and build a filing plan that aligns with health, income needs, work status, and survivor goals.
SOURCE
FAQs
Q1: What is the full retirement age now?
For those born in 1960 or later, it is 67; for 1955–1959, it ranges from 66 and 2 months to 66 and 10 months.
Q2: Do benefits grow if I delay past FRA?
Yes. Delayed retirement credits increase your monthly benefit up to age 70, after which no additional credits accrue.
Q3: How much do I lose by claiming at 62?
If your FRA is 67, claiming at 62 leads to a reduction of about 30% versus waiting for full benefits.
