Social Security’s retirement age changed this year: What you need to know
From the time of Social Security’s inception in 1935 to the passage of the Social Security Amendment of 1983, FRA was age 65.
Mason Reed 
If you are mapping out your retirement plan and counting on Social Security to help balance your budget, there is a critical age threshold you need to understand. Keeping track of the shifting "Full Retirement Age" (FRA) is essential for anyone looking to maximize their benefits.
Understanding the retirement timeline
While you can begin claiming Social Security benefits as early as age 62, there is a catch. Opting for early retirement will permanently reduce your monthly payout by as much as 30% compared to waiting until your FRA—the point at which you qualify for your full benefit amount.
The shift in Full Retirement Age
The definition of FRA has evolved significantly over the decades. From the inception of Social Security in 1935 until the Social Security Amendments of 1983, the FRA held steady at age 65. The 1983 legislation implemented a gradual increase, and since 2021, the FRA has continued to rise by two months each year.
Currently, the FRA is set at age 67, which serves as the final planned increase for this threshold. Unless Congress decides to intervene and implement changes, the age will not continue to climb in the future.
Strategizing your benefit payout
Retiring before your FRA is a choice that comes with a permanent price, slashing your monthly checks by up to 30%. On the other hand, for those who can afford to wait, delaying benefits past your FRA can result in roughly an 8% increase in your payout for each year you wait, with these gains capping out at age 70.
205focus.com readers can determine their specific FRA by using the official calculator provided by the Social Security Administration. You can access the tool here.
