A major milestone for Social Security took effect in 2026. The program’s full retirement age (FRA) has now officially reached 67 for Americans born in 1960 or later, completing a gradual increase that began with reforms passed decades ago.
Full retirement age is the point at which retirees can receive 100% of their earned Social Security benefit. While workers can still begin claiming benefits as early as age 62, doing so results in permanently reduced monthly payments. For those born in 1960 or later, claiming at 62 can reduce benefits by as much as 30 percent.
On the other hand, delaying benefits beyond full retirement age can increase monthly payments. Retirees who wait until age 70 can receive substantially larger checks for the rest of their lives.
The change is especially important as many older Americans rely heavily on Social Security for their retirement income. With rising costs for housing, healthcare, groceries, and other essentials, understanding when to claim benefits can have a significant impact on long-term financial security.
For those approaching retirement, experts recommend carefully evaluating personal finances, health, and expected retirement needs before deciding when to start collecting benefits. A claiming decision made today can affect income for decades to come.
what age to claim benefits is not the only issue. The benefits themselves need to be discussed more. Unfortunately, seniors are not receiving the money they warned after years of hard work. Social Security does not go far enough to support the daily living needs of older Americans. That’s why we support a bill we call the Elder Relief Act. This would be life changing for so many Americans. Learn more here.
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