Say goodbye to retiring at 65: SSA raises retirement age — When can you claim full benefits?
The traditional retirement age of 65 is no longer the benchmark for full Social Security benefits, as the Social Security Administration (SSA) enacts changes that raise the Full Retirement Age (FRA) for millions of Americans starting in May 2025.
For decades, age 65 symbolized the standard threshold for retirement in the United States. But beginning in May 2025, individuals born in 1959 will need to wait until 66 years and 10 months to claim full Social Security retirement benefits. This change is part of a phased adjustment first set in motion by the Social Security Amendments of 1983, which aimed to account for longer life expectancies and growing financial strain on the system.
The increase marks a key step in a long-term effort to stabilize the Social Security program’s finances as the population ages and more Americans enter retirement. According to the SSA, people born in 1960 or later will see their full retirement age increase to 67, completing the gradual two-year shift from the original age of 65. Those who turn 66 in 2025, depending on their birth month, will reach FRA between March and January 2026.
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What does this mean for retirees?
While it’s still possible to claim benefits as early as age 62, doing so significantly reduces the monthly payout. For example, a person with a full retirement age of 66 years and 10 months who claims benefits at 62 could see a reduction of nearly 29.17% in their monthly benefit — a permanent cut that lasts for life.
On the other hand, delaying benefits beyond FRA increases monthly payments. For each year delayed up to age 70, retirees can earn about 8% more in monthly benefits. Someone who waits until age 70 could receive up to 32% more than if they had claimed at FRA.
The age for obtaining full Social Security benefits has changed over the years. Photo: Unión Rayo
A strategic choice amid uncertain times
Though 65 remains a symbolic milestone, today’s financial landscape requires more careful planning. The SSA’s new guidelines are intended to preserve benefit payouts for future retirees as the trust fund supporting Social Security faces a projected shortfall in the coming decades. Current estimates suggest that by the mid-2030s, without reform, the system may only be able to pay about 77% of scheduled benefits.
Given these changes, individuals approaching retirement should evaluate their personal finances, health, and life expectancy before deciding when to claim benefits. The shift away from age 65 underscores the growing need for strategic retirement planning in a changing economic environment.
June withdrawal: Find out when and how much you'll get
The SSA will make payments for the month of June, and it is estimated that millions of dependents of the federal program will benefit. According to the SSA's dates, people born between the 11th and 20th of the same month will be able to access their check on June 18th. Also, on that date, benefits will be distributed to those enrolled in the Supplemental Security Income (SSI) program. Finally, the last payment date for June is between the 21st and 31st.
Find out approximately how much money you will receive:
• If you are a retiree, you are entitled to $1,976
• Retired couple: $3,089
• If you retire at age 62: $2,777
• If you retire at age 67: $4,018
• If you retire at age 70: $5,180
