Will the Full Retirement Age Go Up Again?

The full retirement age (FRA) for Social Security is the age at which you can start receiving full benefits without having your benefits reduced. The FRA is gradually increasing for people born in 1960 and later. For people born in 1955, the FRA is 66 years and 6 months. For people born in 1960, the FRA is 67 years.

For people born in 1960 and later, the FRA will gradually increase by two months per year until it reaches 69 years for people born in 1960 and later. This means that if you were born in 1960, your FRA will be 67 years and 2 months. If you were born in 1965, your FRA will be 67 years and 4 months. And so on.

The increase in the FRA is due to the fact that people are living longer, and the Social Security system needs to be sustainable in the long term. By increasing the FRA, the government can reduce the amount of money that it pays out in Social Security benefits.

If you are planning to retire, it is important to be aware of the FRA so that you can plan your retirement accordingly. If you retire before your FRA, your benefits will be reduced. If you retire after your FRA, you will receive full benefits.

• Note: The FRA is only for Social Security retirement benefits. The FRA for other Social Security benefits, such as disability benefits and survivor benefits, is different.

The full retirement age for Social Security is going up again. If you're planning to retire, it's important to know what this means for you and how it will affect your benefits.

Here's what you need to know about the full retirement age:

• The full retirement age is the age at which you can receive full Social Security retirement benefits without having them reduced.
• The full retirement age is gradually increasing for people born in 1960 and later.
• For people born in 1960, the full retirement age is 67 years.
• For people born in 1961, the full retirement age is 67 years and 2 months.
• And so on.

If you were born in 1960 or later, you can use the following formula to calculate your full retirement age:

Full retirement age = 67 + (year of birth - 1960) / 2

For example, if you were born in 1965, your full retirement age would be 67 years and 5 months.

The increase in the full retirement age is due to the fact that people are living longer. As a result, the Social Security system needs to be sustainable in the long term. By increasing the full retirement age, the government can reduce the amount of money that it pays out in Social Security benefits.

If you are planning to retire, it is important to be aware of the full retirement age so that you can plan your retirement accordingly. If you retire before your full retirement age, your benefits will be reduced. If you retire after your full retirement age, you will receive full benefits.