Social Security’s new retirement age is now officially changing, and millions of beneficiaries will feel the impact. Starting in 2026, the full retirement age (FRA) will be 67 for those born in 1967 or later. The change in FRA will also see changes in how you claim your benefits and the amount you’ll receive each month.
Read more to see the full list of payout changes by birth year, why the FRA has been increased, and learn how claiming early will affect the amount you receive.
What is the New Retirement Age?
Social Security was originally signed into law by President Franklin D. Roosevelt in 1935 to provide income to retirees who were aged 65 at the time. The retirement age has been changing ever since, because at that time, the life expectancy was 61 years. Today, Americans live nearly two decades longer.
Starting in 2026, the Social Security retirement age will be 67 years. Over the past decade, the retirement age has been adjusted to account for increased life expectancy and the program’s financial burden.
Here’s the official list of payout changes by birth year:
- 1960 or later – FRA is 67
- 1959 – FRA is 66 years and 10 months
- 1958 – FRA is 66 years and 6 months
- 1957 – FRA is 66 years and 4 months
- 1956 – FRA is 66 years and 2 months
- 1943–1954 – FRA is 66
- 1942 or earlier – FRA is 65 or lower
(Note: People born on January 1 should refer to the previous year.)
When Should You Claim Your Social Security Benefits?
Choosing when to claim Social Security is one of the most important financial decisions retirees face. Your payout can vary dramatically depending on your age at the time of claiming:
- At 62 years, which is the earliest retirement age, you would receive 70% of your full benefit. If your full payout is $1,800, you would only receive $1,260.
- At 65 years, around 87% of your benefit, or $1,560 per month in this example.
- At 67 years, which is the full retirement age, you receive your full payout of $1,800.
- At 70 years, which is the maximum retirement age, benefits will grow by about 8% per year past FRA, up to 124% of your base amount or $2,323 in this scenario.
After 70, no further increases apply. By retiring early, your benefits will be reduced, and maximum payouts will be delayed.
Why the Retirement Age Increased
The shift to a new retirement age of 67 didn’t happen overnight. It began with the 1983 Social Security Amendments, passed during a financial crisis for the program. At that time, benefits were outpacing revenue, and without reform, the trust fund risked insolvency.
Gradual changes began in 1991, with FRA rising by two-month increments. By 2026, this process is complete, locking the FRA at 67.
The change reflects today’s reality: retirees are living longer, but the worker-to-beneficiary ratio is shrinking from 42 workers for every retiree in 1945 to just 2.7 today.
Social Security’s Financial Outlook
Even with these official adjustments, Social Security remains under strain. Based on the latest projections, the trust fund could be depleted by 2034. If no action is taken, benefits may be automatically reduced by about 20% to align with incoming payroll tax revenue.
Lawmakers are debating potential reforms, including:
- Raising payroll tax contributions
- Further increasing the retirement age
- Adjusting benefit formulas
None of these proposals is official yet, but they highlight the need for workers to prepare for possible changes.
Important points to note
- The new retirement age of 67 is now official for everyone born in 1960 or later.
- Claiming early at 62 reduces payouts by up to 30%, while delaying to 70 boosts payments by up to 24%.
- The official payout changes vary depending on when you claim benefits.
- Social Security faces long-term financial pressure, with potential cuts looming by 2034 unless Congress acts.
Conclusion
Social Security remains the backbone of retirement income for millions of Americans. With the new retirement age now official, retirees must make careful decisions about when to claim benefits. By understanding the official payout changes and weighing the trade-offs between retiring early, waiting until full retirement age, or delaying until 70, individuals can better position themselves for financial security in retirement.