Social Security Full Retirement Age Varies by Birth Year, Affecting Benefit Reductions
The full retirement age for Social Security benefits in the U.S. is not a single fixed number but ranges between 66 and 67, depending on an individual's birth year. This sliding scale was established by the Social Security Amendments of 1983 and has been phased in over decades. While workers can begin collecting benefits as early as age 62, doing so results in a permanent reduction of their monthly benefit. The percentage of reduction increases for each month benefits are claimed before the full retirement age. For instance, someone born between 1943 and 1954, with a full retirement age of 66, would see a 25% reduction if they claim at 62. For those born in 1959, claiming at 62 results in a 29.17% reduction, and for those born in 1960 or later, with a full retirement age of 67, the reduction is 30%. Conversely, delaying benefits past full retirement age, up to age 70, can increase the monthly amount through delayed retirement credits.
