02-28-2022, 12:13 PM
If you are preparing for retirement and were born after 1960, you’ll want to be prepared to wait until you are 67 years old to claim Social Security benefits. That’s because full retirement age (FRA) in the eyes of the Social Security Administration will rise from 66 years and 10 months old to 67 for anyone turning 62 in 2022 or beyond.
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Early Retirement Hack: Withdraw More From Your Retirement Accounts Without Penalty
Learn: Can My Grandchild Receive Social Security Dependent Benefits?
The bad news is you’ll reach FRA later than your peers born in 1959 or before. However, the silver lining is that FRA will stop changing this year for good. Anyone born from 1960 on can claim full Social Security benefits at age 67.
This is the first time in six years the age to collect full Social Security hasn’t changed. Those born between 1943 and 1954 could collect full benefits at age 66. Each year, FRA edged higher, increasing by 2 months for those born between 1955 and 1959. Unless the federal government votes to make additional changes to prevent Social Security from running out of funds, FRA should not change again, beginning this year.
See: 9 Things Most Retirees Don’t Know About Social Security
Find: Social Security Has a ‘Treasure Trove’ of Benefits If You Heed These Expert Tips
What Is Full Retirement Age?
It’s important to understand that you can collect Social Security benefits before age 67. You can claim retirement benefits as early as age 62, but you’ll pay early filing penalties. These penalties will reduce your monthly benefits every single month prior to your FRA, according to SSA.gov.
Early Retirement Hack: Withdraw More From Your Retirement Accounts Without Penalty
Learn: Can My Grandchild Receive Social Security Dependent Benefits?
The bad news is you’ll reach FRA later than your peers born in 1959 or before. However, the silver lining is that FRA will stop changing this year for good. Anyone born from 1960 on can claim full Social Security benefits at age 67.
This is the first time in six years the age to collect full Social Security hasn’t changed. Those born between 1943 and 1954 could collect full benefits at age 66. Each year, FRA edged higher, increasing by 2 months for those born between 1955 and 1959. Unless the federal government votes to make additional changes to prevent Social Security from running out of funds, FRA should not change again, beginning this year.
See: 9 Things Most Retirees Don’t Know About Social Security
Find: Social Security Has a ‘Treasure Trove’ of Benefits If You Heed These Expert Tips
What Is Full Retirement Age?
It’s important to understand that you can collect Social Security benefits before age 67. You can claim retirement benefits as early as age 62, but you’ll pay early filing penalties. These penalties will reduce your monthly benefits every single month prior to your FRA, according to SSA.gov.