A decades-old Social Security rule is set to push the full retirement age to a new high.<\/p>\n
WASHINGTON \u2014 Looking to retire next year? You might want to double-check your full retirement age.\u00a0<\/p>\n
In 2026, a decades-old rule is set to push the threshold higher for when retirees can receive their full benefits. The full retirement age, or FRA, is the age at which people can start collecting full retirement benefits, according to the Social Security Administration.<\/a><\/p>\n FRA is calculated by birth year, but monthly payments are based on the number of years worked and income over that period. While it is true you can retire well before the “full retirement age,” doing so will reduce your check by as much as 30% if you retire at 62 — the earliest age you can retire.\u00a0<\/p>\n For the upcoming year, the Social Security FRA is set to be 67 for those born in 1960 or later. The increase comes as the final stage of a 1983 congressional amendment<\/a> intended to support the program’s finances.\u00a0<\/p>\n The FRA has increased by 2 months each year since 2021, with the current age set at 66 years and 10 months for those born in 1959. Next year’s increase will affect those born in 1960 or later, meaning they might have to wait until 2027 to receive full Social Security benefits.\u00a0<\/p>\n Retirees who delay receiving benefits until age 70 will receive a benefit amount increase, according to the\u00a0Social Security Administration.<\/a><\/p>\n Almost 75 million people \u2014 including retirees, disabled people and children \u2014 currently receive Social Security benefits, according to the latest data.\u00a0<\/a><\/p>\n
Unsure of when your FRA is? The Social Security website has\u00a0a calculator\u00a0<\/a>that provides the full retirement age based on your birthdate.<\/p>\n
Millions of Social Security recipients will get a 2.8% cost-of-living increase to their monthly checks beginning in January.<\/p>\n The 2026 COLA for retirees translates to an average increase of about $56 per month, agency officials said.<\/p>\n
Recipients received a 2.5% increase in their benefits in 2025 and a 3.2% increase\u00a0<\/a>in 2024, after a historically large 8.7% benefit increase<\/a> in 2023, brought on by record 40-year-high inflation<\/a>.<\/p>\n
\nHow do I know my full retirement age? <\/p>\n
\nSocial Security 2026 Cost of Living Adjustment <\/p>\n
\nHow much has Social Security increased in recent years? <\/p>\n