- Goodbye to eliminating Social Security taxes? What to know about the 'senior bonus'
- Social Security COLA Increase 2026: Why is it projected to be the lowest in years?
The increase in retirement age reflects the country's demographic and economic changes. Understanding how your year of birth affects you, and how decisions about when to retire impact your benefits, is critical to planning a stable and sustainable retirement.
The Full Retirement Age (FRA) is the age at which Social Security beneficiaries can claim 100% of their benefits on a monthly basis. Although payments can begin as early as age 62, doing so before FRA means a permanent reduction in monthly payments. For example, someone with an FRA of 66 years and 10 months who retires at 62 could see their benefits reduced by as much as 29.17%.
As of May 2025, a new tranche of the progressive increase in full retirement age determined by the Social Security istration (SSA) comes into effect. This change directly affects those born in 1959, who will now reach their FRA at age 66 and 10 months.
What is the Full Retirement Age?
The increase in the FRA reflects a gradual shift that began with the 1983 amendments to the Social Security Act, which contemplated longer life expectancy and financial solvency within the program.
How the FRA has changed according to year of birth. This is a summary of the gradual adjustments:
1955: 66 years, 2 months
1956: 66 years, 4 months
1957: 66 years, 6 months
1958: 66 years, 8 months
1959: 66 years, 10 months
1960 onwards: 67 years
For those born in 1959, FRA is reached between March 2025 and January 2026, depending on the month of birth.
Plan your retirement
Experts recommend reviewing the history in the "my Social Security" to obtain personalized projections, as well as assessing actual financial needs in retirement. They also advise ensuring medical coverage in case of retirement before eligibility for Medicare (at age 65) and consulting with a financial advisor for benefit and savings optimization strategies.