In November 2026, a 42-year transition reaches its conclusion: the full retirement age (FRA) for Social Security benefits officially becomes 67 for everyone born in 1960 or later. This milestone, set in motion by the 1983 amendments to the Social Security Act, fundamentally changes how Americans should think about their retirement timeline.
Understanding what this means for your benefits can help you make smarter claiming decisions.
What Is Full Retirement Age?
Full retirement age is the point at which you're entitled to receive 100% of your earned Social Security benefit. Claim earlier and your monthly check is permanently reduced. Wait longer and it grows through delayed retirement credits.
For those born in 1960 or later, the FRA of 67 is now permanent. There are no further scheduled increases, though future legislation could change this.
How Early Claiming Affects Your Benefits
You can still claim Social Security as early as age 62, but the penalty for early claiming has increased with the higher FRA:
- Claiming at 62: Your benefit is reduced by approximately 30% permanently
- Claiming at 65: Your benefit is reduced by approximately 13.3%
- Claiming at 67 (FRA): You receive 100% of your earned benefit
- Delaying to 70: Your benefit increases by 8% per year past FRA, resulting in 124% of your full benefit
For someone entitled to a $2,000 monthly benefit at FRA, claiming at 62 would reduce that to roughly $1,400 per month—a difference of $7,200 annually that persists for life.
The Value of Delayed Retirement Credits
If you can afford to wait, each month you delay past your FRA until age 70 adds to your benefit. The increase works out to approximately 2/3 of 1% per month, or 8% per full year.
According to the Social Security Administration, you stop accumulating delayed retirement credits when you turn 70. There's no advantage to waiting beyond that point.
2026 Earnings Limits for Working Beneficiaries
If you're collecting Social Security before reaching FRA while still working, earnings limits apply:
- Under FRA all year: The 2026 limit is $24,480. Social Security deducts $1 for every $2 earned above this threshold.
- Reaching FRA in 2026: The limit rises to $65,160 for the months before your birthday, with $1 deducted for every $3 earned above the limit.
- At FRA or older: No earnings limit applies. You keep all benefits regardless of income.
The good news: any benefits withheld due to excess earnings are credited back to your monthly amount once you reach full retirement age.
The 2026 COLA and What You'll Actually Receive
Social Security benefits are increasing by 2.8% in 2026 through the cost-of-living adjustment (COLA). According to SSA data, this translates to:
- Average individual retiree: $2,071 per month (up $56 from 2025)
- Average retired couple: $3,208 per month (up $88 from 2025)
- Maximum benefit at FRA: $4,152 per month (up from $4,018 in 2025)
However, Medicare Part B premiums increased to $201.96 monthly in 2026—a 9.6% jump that will offset some of the COLA increase for many retirees.
Making Your Claiming Decision
Three key factors should drive your Social Security timing:
- Longevity: If you expect to live past your early 80s, delaying typically pays off financially
- Current income needs: Early claiming may be necessary if you have no other income sources
- Spousal considerations: Your claiming age affects survivor benefits for your spouse
There's no universally correct answer. A worker in poor health with immediate financial needs has different priorities than a healthy individual with substantial savings.
The Bottom Line
The arrival of FRA at 67 represents the final step in a multi-decade effort to strengthen Social Security's finances. While this means waiting longer for full benefits, it also means delayed retirement credits can boost your monthly check by up to 24% if you can wait until 70. Consider your health, finances, and family situation carefully before deciding when to claim.
Sources: Social Security Administration, AARP, Kiplinger, Committee for a Responsible Federal Budget