Social Security's full retirement age will jump in 2025. When can you collect your full benefits?

Karen Garcia, Los Angeles Times on Dec 24, 2024

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LOS ANGELES – If you were planning to retire next year, double check your math because a law passed in the '80s is annually raising the age when Americans can collect their full Social Security benefits. And next year is no exception.

In 1983, Congress passed a law that gradually increases the age at which people may receive 100% of their Social Security benefits. The increase is aimed to match increasing life expectancy.

Full retirement age is based on the number of years you have worked as well as your annual income throughout your working life, according to the Social Security Administration.

Most Americans consider the typical age of retirement to be 65 but that's been steadily rising.

The law increased the age beginning with people born in 1938 or later, Social Security officials said. The retirement age has been increasing by two months for each subsequent birth year.

Starting in 2023, for example, if you were born in 1957, you would have reached your full retirement age — and become eligible to collect your full Social Security benefits — when you turned 66 years and 6 months. In 2024, if you were born in 1958, you must be 66 years and 8 months old to claim your full benefits.

Next year, the full retirement age is increasing by two months again: People born in 1959 must be 66 years and 10 months old to get their full benefits.

For those born in 1960 and later, the retirement age will jump to 67.

Social Security recipients have the option of claiming benefits earlier than the designated full retirement age. You can begin receiving your benefits as soon as you turn 62, but the amount will be greatly reduced, about 25% less if your full retirement age is 66 and 30% less if it's 67.

If you wait until you turn 70 to start taking benefits, you will be rewarded with a higher amount.

To figure out when you can claim your full retirement benefits or what you can claim if you retire early, use the Social Security online calculator.