Starting 1 January 2025, there will be updates to the full retirement age (FRA) for Social Security benefits in the United States. These changes are part of a long term plan to keep the program running smoothly. Let’s find out what this means and how it could affect your retirement.
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What is the full retirement age (FRA)?
Full retirement age is when you can claim your Social Security benefits without any deductions. This age depends on the year you were born. Not long ago, the FRA was set at 65 years old. However, for people born after 1960, it’s slowly increasing to 67.
Why does FRA matter?
Your FRA is important because it determines how much money you’ll get each month. Claiming benefits before this age means you’ll get a lower amount until your FRA boosts your benefits.
For example:
- If you retire early at age 62, your benefits could be reduced by up to 30%.
- If you wait until age 70, your benefits could increase by about 24% over the benefit you claim at your FRA.
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FRA Timeline for 2025
Here is a simple table that shows the time you will reach full retirement age based on your birth month and year:
| Birth Month and Year | Full Retirement Age Reached |
| May 1958 | January 2025 |
| June 1958 | February 2025 |
| July 1958 | March 2025 |
| August 1958 | April 2025 |
| September 1958 | May 2025 |
| October 1958 | June 2025 |
| November 1958 | July 2025 |
| December 1958 | August 2025 |
| January 1959 | November 2025 |
| February 1959 | December 2025 |
Do you need to retire? Should you claim early, on time, or late?
Claiming early (age 62): This is a popular option because people want their money as soon as possible. However, your benefits will be reduced significantly. If your FRA is 67, retiring at age 62 means a 30% reduction.
Claiming at FRA (66-67): This ensures you get your full benefit amount. Many people choose this option if they can afford to wait.
Delaying until age 70: If you can wait, your monthly checks will be much larger. This is a great option for people who are still working or who have other income sources.
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Why age 65 is still popular
Even though it’s no longer the FRA for most people, many people still retire at age 65 because this is when they are eligible for Medicare. This is a practical option for people who need health coverage.
What should you do?
Choosing when to claim Social Security is a big decision. Think about your health, financial needs, and retirement goals. If you need the money quickly, claiming early may work for you. If you’re healthy and can wait, delaying your claim may get you more money in the long run.
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Frequently Asked Questions
1. What happens if I claim benefits at age 62?
Your monthly payment will be reduced by up to 30% because you’re claiming early.
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2. Can I delay benefits after my full retirement age?
Yes! If you wait until age 70, your benefits could increase by about 24%.
3. Why is age 65 still a common retirement age?
At age 65 you become eligible for Medicare, making it a viable option for many retirees.
4. How do I find my full retirement age?
Check your birth year against the Social Security Administration’s FRA chart. Visit the official SSA website.