Social Security's full retirement age is increasing in 2025: What to know

[mystery-ak]

 Published December 18, 2024 1:36pm EST
Social Security's full retirement age is increasing in 2025: What to know
Full retirement age for Social Security gradually rising to 67 based on reform law from 1983

By Eric Revell FOXBusiness

Social Security's "full retirement age" is set to increase next year, meaning that those nearing retirement will have to hold off a little longer before they can claim a larger benefit.

The full retirement age (FRA) for Social Security was 65 when the program was created in the 1930s, but reforms made in 1983 gradually increased the FRA from age 65 to 67 in two-month increments over a 22-year period that started for those who turned 62 in 2000.

Next year, the FRA will rise to 66 years and 10 months for people born in 1959. They would start to qualify for their full Social Security benefits starting in November 2025.

Retirees can begin collecting their Social Security benefits before they reach the FRA, with the minimum age to do so being 62. However, retirees who claim early will have their monthly benefit permanently reduced by as much as 30% depending on how early they claim.

Americans can also delay claiming Social Security benefits and be rewarded for doing so, as the program offers a bonus of up to 8% for waiting until the age when they're eligible to receive the maximum benefit.

more
https://www.foxbusiness.com/economy/social-securitys-full-retirement-age-increasing-2025-what-know

[Hoodat]

This headline is inaccurate.  Everyone's known retirement date in 2024 is the same as it is in 2025.

Next year, the FRA will rise to 66 years and 10 months for people born in 1959. They would start to qualify for their full Social Security benefits starting in November 2025.

Same as this year.  In 2024, the FRA for someone born in 1959 is 66 years and 10 months.  Same as 2023, 2022, and 2021.

Can't wait to see the next creative way they come up with to keep this ponzi scheme going.  I'll be working until I'm 70, either way.

[mystery-ak]

 December 18, 2024 1:36pm EST
Social Security's full retirement age is increasing in 2025: What to know
Full retirement age for Social Security gradually rising to 67 based on reform law from 1983

By Eric Revell FOXBusiness

Social Security's "full retirement age" is set to increase next year, meaning that those nearing retirement will have to hold off a little longer before they can claim a larger benefit.

The full retirement age (FRA) for Social Security was 65 when the program was created in the 1930s, but reforms made in 1983 gradually increased the FRA from age 65 to 67 in two-month increments over a 22-year period that started for those who turned 62 in 2000.

Next year, the FRA will rise to 66 years and 10 months for people born in 1959. They would start to qualify for their full Social Security benefits starting in November 2025.

Retirees can begin collecting their Social Security benefits before they reach the FRA, with the minimum age to do so being 62. However, retirees who claim early will have their monthly benefit permanently reduced by as much as 30% depending on how early they claim.

more
https://www.foxbusiness.com/economy/social-securitys-full-retirement-age-increasing-2025-what-know

[Fishrrman]

Railroad folks have it better.

One needs 360 months of service (30 years) and you can retire at age 60.

I kept on working for more than two additional years, and left a little after I turned 62.

The retirement annuity is considerably larger, too. But then, when working you "pay more into it."