Social Security’s full retirement age is now 67 for everyone born in 1960 or later, marking the final step in a gradual increase that has reshaped retirement planning for millions of Americans over the past four decades.
The full retirement age—the age at which workers receive 100% of their earned benefits—reached 67 in 2026 for those born in 1960 and beyond, according to the Social Security Administration. This represents the completion of a phase-in that began with the Social Security Amendments of 1983, when Congress increased the age from 65 to 67 to address the program’s long-term solvency.
The 1983 amendments, signed into law by President Ronald Reagan in April, came in response to concerns about the program’s finances. The Greenspan Commission, appointed to recommend solutions, cited two major reasons for the increase: Americans were living longer, and older workers would be in greater demand in future years, according to the Social Security Administration. The increase was phased in gradually over 33 years, with workers born between 1938 and 1959 seeing their full retirement age rise incrementally by a few months for each birth year.
The choice of when to claim benefits carries significant financial consequences. Workers can still begin claiming Social Security as early as age 62, but doing so permanently reduces their monthly payout. Claiming at 62 instead of waiting until full retirement age at 67 results in a reduction of approximately 30% in monthly benefits, according to Charles Schwab and Fidelity. By contrast, those who delay claiming until age 70 earn delayed retirement credits that increase their monthly check by 8% per year, according to the Social Security Administration.
The 2026 earnings limit for those below full retirement age is $24,480, according to the National Active and Retired Federal Employees Association. Workers who earn above this threshold while collecting benefits face a deduction of $1 for every $2 earned. Medicare eligibility, however, remains unchanged at age 65, separate from the Social Security retirement age.
Sources
- Social Security Administration — confirmed full retirement age of 67 for those born 1960 or later, phase-in details, and earnings limits
- Bipartisan Policy Center — 1983 amendments increased FRA from 65 to 67, phased over 33 years
- Yahoo Finance — claiming at 62 reduces benefits by about 30% compared to FRA of 67
- Charles Schwab — early claiming at 62 reduces benefit by as much as 30%
- AARP — timeline of 1983 Social Security Amendments signed by President Reagan
- National Active and Retired Federal Employees Association (NARFE) — 2026 earnings limit of $24,480 for those below FRA
