In November 2026, Social Security will reach a historic milestone: the full retirement age (FRA) will officially hit 67 for anyone born in 1960 or later. This marks the completion of a gradual shift that began 42 years ago with the 1983 amendments to the Social Security Act.
If you're planning your retirement, understanding what this means for your benefits is essential.
What Is Full Retirement Age?
Full retirement age is the age at which you qualify for 100% of your Social Security retirement benefit based on your earnings history. Claim before your FRA, and your monthly check is permanently reduced. Delay past your FRA, and your benefit grows until age 70.
For decades, the FRA was 65. The 1983 reforms began gradually increasing it, and that transition will finally conclude this year. For everyone born in 1960 or later, the FRA is now 67—and it will remain there for the foreseeable future.
How Early Claiming Reduces Your Benefits
You can still claim Social Security as early as age 62, but the penalty for early claiming is steeper with an FRA of 67:
- Claiming at 62: Your benefit is reduced by approximately 30%
- Claiming at 63: Reduced by approximately 25%
- Claiming at 64: Reduced by approximately 20%
- Claiming at 65: Reduced by approximately 13.3%
- Claiming at 66: Reduced by approximately 6.7%
- Claiming at 67 (FRA): You receive 100% of your benefit
These reductions are permanent. If your full benefit would be $2,000 per month at 67, claiming at 62 would lock you into roughly $1,400 per month for life.
The Value of Delayed Claiming
Conversely, delaying benefits past your FRA increases your monthly check by 8% per year until age 70. For someone with an FRA of 67:
- Claiming at 68: 108% of your full benefit
- Claiming at 69: 116% of your full benefit
- Claiming at 70: 124% of your full benefit
At the maximum 2026 benefit levels, a retiree who delays until 70 could receive $5,251 per month, compared to $4,152 at full retirement age.
2026 Social Security Updates to Consider
Beyond the FRA milestone, several other Social Security changes affect your planning this year:
Cost-of-living adjustment: Benefits increased 2.8% for 2026, raising the average monthly retirement check to $2,071. However, the Medicare Part B premium increase from $185 to $202.90 offsets some of this gain for most beneficiaries.
Earnings test limits: If you claim benefits before FRA while still working, the earnings limit is $24,480 for 2026. The Social Security Administration deducts $1 from benefits for every $2 you earn above this threshold. In the year you reach FRA, the limit rises to $65,160, with $1 withheld for every $3 over the limit.
Maximum taxable earnings: The wage cap subject to Social Security tax increased to $184,500 in 2026, up from $176,100 in 2025.
Who Should Consider Delaying?
Delaying benefits makes the most sense if you:
- Are in good health with longevity in your family
- Have other income sources to cover expenses until 70
- Want to maximize survivor benefits for a spouse
- Are the higher earner in a married couple
Who Might Benefit From Earlier Claiming?
Claiming before FRA may be appropriate if you:
- Have health concerns that may limit life expectancy
- Need the income and have no other resources
- Want to invest the benefits and believe you can earn higher returns
- Have a spouse who will claim on their own record
The Bottom Line
The shift to a full retirement age of 67 is now complete. For anyone born in 1960 or later, this means early claiming penalties are at their steepest, and the case for delaying benefits—if you can afford to—is stronger than ever. Take time to run the numbers based on your specific situation, or consult with a financial advisor to determine the optimal claiming strategy for your retirement.
Sources: Social Security Administration, AARP, Kiplinger, Motley Fool