Particle.news
Download on the App Store
5 ARTICLES
·
last wk.

Social Security Full Retirement Age Reaches 67 for 1960 Cohort

Americans born in 1960 must wait until age 67 for full benefits, with no current plans to raise the retirement age further.

Stock image/file photo: A Social Security card with U.S. Dollars and a Treasury check.
Image
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 has officially risen to 67 for individuals born in 1960, marking the final increase under the 1983 amendments.
  • Early retirement at age 62 results in a permanent 30% reduction in monthly benefits, while delaying benefits until age 70 increases payments by 24%.
  • Social Security actuaries project the retirement program's trust fund will be depleted by 2033, potentially reducing benefits to 77% of their current levels.
  • Recent polling indicates that over 50% of near-retirees lack confidence in the availability of Social Security benefits when they retire.
  • There are currently no active legislative efforts to further raise the FRA, though proposals to address the program's solvency remain politically contentious.