Millions of Americans rely on Social Security as a foundation for retirement. But as the program faces long-term financial pressure, recent and proposed changes to the retirement age are raising questions for future retirees: When exactly can you start claiming benefits?
While no one currently receiving benefits will see cuts, workers approaching retirement may need to adjust their expectations-especially if lawmakers move forward with plans to raise the full retirement age (FRA). Here’s what you need to know.
What Is the Full Retirement Age?
The Full Retirement Age (FRA) is the age at which a person can receive 100% of their earned Social Security retirement benefits. FRA depends on your birth year.
According to the Social Security Administration (SSA):
- For people born in 1954 or earlier, the FRA is 66.
- For those born in 1960 or later, the FRA is 67.
This means people turning 65 in 2025 (born in 1960) must wait until age 67 to receive full benefits.
You Can Still Claim Early-At a Cost
You can start receiving Social Security retirement benefits as early as age 62, but doing so comes with a permanent reduction in monthly payments.
- If your FRA is 67 and you claim at 62, your benefit is reduced by about 30%.
- For example, a full benefit of $1,800/month at 67 would drop to approximately $1,260/month if claimed at 62.
This tradeoff may suit those who need income early or expect a shorter lifespan. However, delaying can be more beneficial for long-term financial security.
Delaying Benefits Increases Monthly Payments
If you wait to claim after your FRA (up to age 70), your benefits increase thanks to delayed retirement credits.
- For each year delayed past FRA, payments grow by about 8% per year.
- Someone eligible for $1,800/month at 67 could receive nearly $2,230/month at 70.
This option benefits those with longer life expectancy or alternate sources of early retirement income.
Why Are Retirement Age Changes Being Discussed?
The main reason for the proposed changes is Social Security’s looming financial shortfall. According to the 2024 Social Security Trustees Report, the trust fund reserves are expected to be depleted by 2034.
Without intervention, incoming payroll taxes would cover only about 77% of promised benefits.
To resolve this, some lawmakers have proposed raising the FRA to 68 or 69 for younger generations-a move critics say is essentially a benefit cut.
Proposed Changes and Political Debate
As of May 2025, no proposals to change the FRA have passed, but several are under discussion:
- Republican-backed proposals often include raising the FRA to age 69 for those born after 1978.
- Democrats generally oppose raising the FRA and instead support increasing payroll taxes for high earners.
The House Ways and Means Committee recently held hearings exploring solutions such as:
- Adjusting cost-of-living formulas
- Increasing the payroll tax cap
- Gradually raising the FRA
What This Means for You
Understanding how your birth year affects your FRA-and how your claiming age affects your monthly benefit—is critical to retirement planning.
Retirement Age by Birth Year
| Birth Year | Full Retirement Age |
|---|---|
| 1954 or earlier | 66 |
| 1955–1959 | 66 + 2 to 10 months |
| 1960 or later | 67 |
Use the SSA calculator to estimate your benefit amount.
Tips for Deciding When to Claim
- Check your estimated benefits through your SSA account.
- Consider your health and family history-longer life expectancy favors delayed claiming.
- Evaluate your financial situation-delaying may increase lifetime income if you have early-retirement support.
- Consult a financial advisor-your optimal claiming strategy depends on personal and financial factors.
Conclusion
Changes to Social Security’s retirement age are already in place for younger workers, and further changes may come. While benefits can still be claimed as early as 62, the decision on when to claim should be informed and strategic.
With debates ongoing in Washington, Americans nearing retirement age should stay informed, use official resources, and plan carefully to make the most of their Social Security benefits.