Social Security retirement age update: In 2025, the age to get full Social Security benefits in the United States jumps to 67 for people born in 1960 or later. This change comes from a plan started in 1983 to keep the Social Security fund strong. Back then, lawmakers decided to slowly raise the retirement age from 65 to 67. If you were born in 1959, you need to be 66 years and 10 months to get full benefits.
But if you were born in 1960 or after, you must wait until 67. This rule affects how much money you get each month and when you should start taking your benefits, which can be a tough choice for people getting ready to retire.
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How Your Retirement Age Changes Your Money
Deciding when to take Social Security benefits is a big deal. If you start at age 62, you get a lot less money every month about 30% less. For example, someone who could receive $1,000 per month if they retire at age 67 would only receive about $700 if they claim benefits at age 62. This cut stays for your whole life, which could mean losing thousands of dollars over time.
But if you wait past 67, you earn extra money. For every year you delay until age 70, your monthly payment grows by 8%. So that $1,000 benefit at 67 could become $1,240 at age 70, a 24% boost. Waiting is smart if you’re healthy.
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Planning for the New Rules
To get ready for these changes, you need a plan, especially if you were born in 1960 and turn 65 in 2025. You won’t get full benefits until 2027 when you hit 67. Check your Social Security statement every year on the SSA website to see your earnings and what benefits you might get. You can also use the SSA’s Retirement Estimator to figure out how much money you’d get at different ages.
look at all your savings, like pensions, 401(k)s, IRAs, and even your house. This helps you decide if you can wait until 67 or even 70 to get bigger payments.
