What Does Social Security Mean by Full Retirement Age?

This Social Security Q&A post focuses on full retirement age (FRA).

Retirement age can vary depending on the individual and the organization. While many people consider 65 as the "official" retirement age, this mainly signifies eligibility for Medicare, the federal government’s healthcare program for seniors. Retiring before this age is possible, but Medicare benefits won't kick in until 65.

So, what is Social Security's full retirement age? 

We’ve touched on this in previous blog posts. Essentially, you can claim Social Security benefits as early as 62 or delay them until as late as 70. However, when Social Security calculates your full retirement age, it's based on a specific formula.

When the Social Security Act was passed in 1935, the full retirement age was set at 65. Amendments made in 1983 adjusted this age based on birth year:

• Born 1943-1954: FRA is 66.

• Born 1955-1959: FRA gradually increases from 66 and 2 months to 66 and 10 months.

• Born in 1960 or later: FRA is 67.

In other words, if you’re 65 years old as of 2025, your full retirement age will be 67. Anyone born after 1960 will also have a full retirement age of 67.

Why does this matter?

The amount you receive from Social Security depends greatly on when you file for your benefit. Filing before your full retirement age will reduce your benefits, while filing after your full retirement age will increase the amount you receive for the rest of your life. For more details, check out my blog posts on "When Can I Collect Social Security?" or "What is PIA?"

Social Security rules and benefit amounts are subject to change by legislative action. Consult with a qualified financial advisor for current information. We are not associated with the Social Security Administration. Consult with a Social Security expert.

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