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Social Security Full Retirement Age Officially Rises to 67 for 1960 Birth Cohort

The final phase of the 1983 Social Security amendments takes effect as funding challenges prompt debate over future reforms.

Stock image/file photo: A Social Security card with U.S. Dollars and a Treasury check.
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Federal legislation passed in 1983 has led to a gradual increase in the age in which Social Security applicants can get full benefits.

Overview

  • The full retirement age (FRA) for Social Security benefits has increased to 67 for individuals born in 1960, marking the last scheduled adjustment under the 1983 amendments.
  • Americans can still claim benefits as early as age 62, though monthly payments are reduced by about 30%, while delaying until age 70 increases payments by roughly 24%.
  • The Social Security trust fund is projected to be depleted by 2033, potentially reducing benefits to 77% of scheduled amounts without legislative action.
  • Recent legislative proposals include raising the earnings cap for payroll taxes and modestly adjusting the FRA for future retirees, though no active legislation is advancing further changes to the current FRA.
  • Nearly 4 million baby boomers turning 65 in 2025 intensify pressure on the program as debates continue over long-term solvency solutions.