For many people, age 65 is synonymous with retirement. After all, that is when most people first become eligible for Medicare, the government’s health insurance program for older Americans.
What some people don’t realize is that 65 is no longer the full retirement age for Social Security. You can start collecting Social Security payments at age 62, but you won’t receive your complete earned benefit unless you wait until your full retirement age to sign up for Social Security. Additionally, if you claim benefits early and keep working, you will receive a smaller benefit.
As you think about retiring, it can be helpful to know:
— Your full retirement age
— Changes to the full retirement age
— The impact of taking benefits at different times
— What happens if you work in retirement
Your Full Retirement Age
The Social Security full retirement age varies based on your birth year. Here’s how to determine your full retirement age and what this means for your Social Security benefits in retirement.
The Social Security full retirement age is:
| Birth year | Full retirement age |
| 1937 and earlier | 65 |
| 1943 -1954 | 66 |
| 1960 and later | 67 |
For other years, the full retirement age isn’t a full year but rather a year plus some months.
[Related:4 Reasons Your Social Security Payment Is Delayed and What to Do About It]
Changes to Full Retirement Age
The full retirement age used to be 65 for everyone, but the law was later changed so that age only applied to those born in 1937 and earlier. After that, the full retirement age increased in two-month increments from 65 plus two months for someone born in 1938 to 65 plus 10 months for those born in 1942.
| Birth year | Full retirement age |
| 1938 | 65 and two months |
| 1939 | 65 and four months |
| 1940 | 65 and six months |
| 1941 | 65 and eight months |
| 1942 | 65 and 10 months |
The Social Security full retirement age is 66 for most baby boomers born between 1943 and 1954. However, for people born in the five years after that, the full retirement age increases again in two-month increments each year.
| Birth year | Full retirement age |
| 1955 | 66 and two months |
| 1956 | 66 and four months |
| 1957 | 66 and six months |
| 1958 | 66 and eight months |
| 1959 | 66 and 10 months |
The full retirement age for Social Security is 67 for everyone born in 1960 or later. You can sign up for a my Social Security account to learn more about your benefits, including an estimate of how much you’ll receive.
“The amount of Social Security you receive is directly impacted by the number of years you work, the amount you pay into the system and when you start claiming your benefit,” said Matt Calme, a certified financial planner and wealth advisor at HCM Wealth Advisors in Cincinnati, in an email.
[Read: Here’s How Much Money You Could Lose if Social Security Goes Bankrupt]
The Impact of Taking Benefits at Different Times
After finding your full retirement age, you can calculate the impact of taking Social Security benefits earlier or later. “The first exercise most people go through is to understand what their benefit amounts are at different ages,” said Raymond J. Lucas Jr., senior vice president of financial planning at Integrated Financial Partners in Worcester, Massachusetts, in an email.
If you take Social Security early, your benefit will be temporarily lower. For instance, if your full retirement age is 66 and you claim benefits at age 62, your monthly benefit will be reduced by more than a quarter.
Another option is to delay Social Security checks. “Once you reach full retirement age, you can decide to wait to claim your benefit up to age 70,” said Chuck Czajka, certified financial fiduciary at Macro Money Concepts in Stuart, Florida, in an email.
Each year you wait, your payment will increase by 8% annually until you reach age 70. “Keep in mind that this could also be a survivor benefit once you pass,” Czajka said.
[Read: Is It Possible to Live on Social Security Alone in 2025?]
What Happens if You Work in Retirement
If you begin taking benefits before your full retirement age and decide to continue working, it could change your Social Security income.
For individuals who earn less than $23,400 in 2025 and receive early Social Security benefits, there will be no reductions to the benefit amount. If you earn more, $1 of benefits will be taken out for every $2 over the threshold. That means if you earn $25,000 in 2025 and have claimed Social Security early, your benefit will be reduced by $1,340.
If you will reach your full retirement age in 2025, you can earn up to $62,160 before your benefits are affected. After that, Social Security will reduce your benefits by $1 for every $3 you earn over that amount. However, this restriction is only in place until your birthday month when you reach your full retirement age. At that point, you can earn any amount without a reduction in your benefit.
During the years following your full retirement age, you won’t have benefit deductions based on the amount you earn. If your paychecks were lowered for a period due to your work income, your benefit amount will be recalculated when you reach full retirement age. You will receive credit for the months the benefit was reduced.
Aligning your work, retirement and income plans is not a small task. “You should never make a Social Security decision just by looking at Social Security in a vacuum,” Lucas said. “It must be looked at in the context of an entire financial plan. Your age, your health, your assets, your other income sources and your family longevity all factor into deciding when to initiate your Social Security payments.”
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What Is the Full Retirement Age for Social Security? originally appeared on usnews.com
Update 05/02/25: This story was published at an earlier date and has been updated with new information.
