Millions of retirees across the country depend on Social Security benefits to make ends meet each month. These benefit checks are sent out by the Social Security Administration, a welfare program run by the government. In order to qualify for these welfare benefits upon retirement, there are certain stipulations and age requirements that need to first be met by any potential beneficiary. This eligibility requirement is known as the full retirement age and opting to receive benefits upon retirement but prior to reaching this age will likely mean a reduced benefit amount for the recipient.
The full retirement age has been gradually increasing over the course of many years now, however, it appears that this will be stopped once 2026 hits.
Full Retirement Age to stop increasing
The generally accepted retirement age for Americans is around 65 years of age, however, with regards to Social Security eligibility, a beneficiary’s full retirement age may differ slightly by a few years, depending on their year of birth.
Full Retirement Age, or FRA, refers to the age at which a beneficiary of Social Security is able to reap their full benefits. Whilst one can begin claiming benefits from 62 years of age, they will receive a reduced amount each month until their FRA is reached. Conversely, holding off on claiming benefits until beyond one’s FRA can result in even higher benefit amounts each month.
The FRA has gradually been increasing over the years as a result of reforms enacted in 1983 that had been aimed at stabilizing the SSA’s finances. For instance, for 2025, those born in 1959 who would be turning 66 this year, their FRA will be 66 years and 10 months of age.
As such, 2026 will be the final year that the FRA faces any increases for the foreseeable future — unless Congress decides to make a new opposing move. As such, these are the current full retirement ages for seniors who turned 66 in the following years:
- Seniors who turned 66 from 2009 till 2020 had an FRA of 66. This was up from 65, which previously was the accepted full retirement age for every senior.
- Seniors who turned 66 in 2021 had an FRA of 66 and 2 months.
- Seniors who turned 66 in 2022 had an FRA of 66 and 4 months.
- Seniors who turned 66 in 2023 had an FRA of 66 and 6 months.
- Seniors who turned 66 in 2024 had an FRA of 66 and 8 months.
- Seniors turning 66 in 2025 will have an FRA of 66 and 10 months.
- All of those turning 66 in 2026 will have an FRA of 67.
Drawing from this, with the end to increases, anyone turning 66 next year, as well as going forward, will have to wait until turning 67 to begin claiming their full benefits.
Why is the FRA no longer increasing?
During the 1980s, lawmakers decided to enact this gradual increase so as to help the program gain financial stability since the agency was at risk of running out of funding which would ultimately have to result in benefit cuts. Hoping to prevent this, it was decided that the full retirement age would be extended. This would then incentivize seniors to delay claiming since claiming benefits early would result in penalization and a locked-in lowered benefit amount.
This decision was not exactly popular and in order to maintain peace, it was decided that the FRA would be gradually increased each year. Additionally, lawmakers decided that 67 would be the maximum full retirement age, meaning that once the FRA reaches 67, these gradual and automatic increases would come to an end.
Whilst President Trump appears to have promised that no benefit cuts will occur during his term, the fact remains that the SSA is facing some funding issues and as such, there is a small possibility that lawmakers consider this option again sometime in the future.
However, the good news is that even if a change does occur in the future, it will likely be phased in slowly. As a result, those currently nearing retirement age are not likely to be affected.