Social Security gives people money after they stop working, but the rules for when you can get your full amount may soon change. The age at which retirees can receive their full benefits is under review, with proposals to push it higher than current standard.

People are living longer, fewer workers are paying in, and Social Security has less funds, so now there’s a big debate about when people in the future can retire.

Goodbye to Retirement at 67

The Full Retirement Age (FRA) is the age at which you can collect your full Social Security benefits, 100% of what you have earned over your working life. Right now, your full retirement age (FRA) is based on your birth year. For people born in 1954 or earlier, it’s set at 66.

If you were born between 1955 and 1959, the FRA is 66 plus several additional months. Those born in 1960 or later must wait until age 67 to get full benefits. However, this timeline might shift in the future, as lawmakers are discussing raising the FRA to 68, 69, or even 70 for younger workers.

Social Security Retirement Age Changes 2025: Overview

Managing AuthoritySocial Security AdministrationProgram NameSocial Security Retirement BenefitsCountryUSAFull Retirement AgeCurrently 66-67 yearsFRA ProposalsRaise to 68-70 for younger workersEarly Retirement Age62 (reduced benefits)Reason for ChangeFund may run out by 2035Who is AffectedYounger workers (born after 1970-1975)CategoryLatest NewsOfficial Websitehttps://www.ssa.gov/

Reason for Raising Social Security Retirement Age

The main reason is financial survival for Social Security. According to the 2024 Trustees Report, the Social Security trust fund may run out by 2035. If that happens, payroll taxes alone would cover only about 80% of promised benefits.

People are living longer and receiving benefits for more years, but there are fewer workers paying into the system, so less money is coming in. Raising the full retirement age would mean people get benefits for fewer years, which could help reduce the pressure on the system.

How Early Retirement Affects Your Benefits

Today, if you retire at 62 with an FRA of 67, you get about 75% of your full benefit. Retire exactly at 67, and you receive 100%. Wait until 70, and your benefit increases to around 124% due to delayed retirement credits.

If the FRA rises to 70, retiring at 62 could cut your benefit to about 65% to 70%. Retiring at 67 would only give you about 85% to 90%, and you don’t need to work until 70 to receive the full amount. In short, the earlier you retire under a higher FRA, the bigger the reduction in your monthly check.

Retirement Age Mostly Affects Younger Workers

Most proposals target younger workers (those born after 1970 or 1975), so not everyone would see their retirement age shift.

People already in their 50s or 60s would likely keep their current FRA. But for workers in their 30s or 40s, any adjustment now could mean staying in the workforce years longer than expected.

Planning for a Longer Career

If the retirement age moves closer to 70, it’s essential to prepare by saving as much as possible through your 401(k), IRA, or other investment accounts.

Creating multiple income sources, such as rental property, stock dividends, or part-time work is most important for safe retirement life. Every year you work past your FRA can boost your benefits by as much as 8%, which increases over time.

Other Solutions Apart from Increasing FRA

Raising the Full Retirement Age (FRA) is not the only option being considered, lawmakers are also exploring raising or removing the payroll tax limit (currently $168,600 in 2025) so higher earners pay more, slightly increasing payroll tax rates, reducing benefits for wealthier retirees, or using other tax revenue to support Social Security. Whatever changes are implemented, the goal is to keep the social security program strong for future generations.

FAQs

What is the FRA for Social Security?

FRA is the age when you can receive 100% of the benefits you have earned, currently 66 to 67 depending on your birth year.

How could a higher FRA affect early retirement benefits?

Retiring at 62 under a higher FRA could reduce your monthly checks more significantly, possibly to around 65% to 70% of full benefits.

When could Social Security run out of money?

The trust fund could be depleted by 2035, covering only about 80% of promised benefits.