A significant change to Social Security took effect in 2026. The program’s full retirement age (FRA) has now reached 67 for Americans born in 1960 or later, completing a gradual increase that began decades ago.
While workers can still begin claiming Social Security benefits as early as age 62, doing so comes with a permanent reduction in monthly payments. Those who wait until their full retirement age receive their complete benefit, while delaying benefits until age 70 can increase monthly payments even further.
For many retirees, the decision of when to claim benefits is one of the most important financial choices they will make. Claiming early provides income sooner but results in smaller monthly checks. Waiting longer can provide significantly higher lifetime benefits — especially for those who expect to live well into retirement.
As living costs continue to rise, understanding Social Security’s rules has become more important than ever. Americans approaching retirement should carefully consider their health, financial needs, and long-term goals before deciding when to begin collecting benefits.
As living on Social Security continues to become even more of a challenge, American seniors need help. They need the Elder Relief Act. Learn more about this important potential legislation here.
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