Starting in 2026, there’s a major milestone that will impact how millions of Americans collect their Social Security benefits. For those born in 1960 or later, the full retirement age (FRA) will officially rise to 67—marking the last increase from the 1983 reform law that aimed to protect the long-term stability of the Social Security system.
So what does this mean for your retirement plans? Let’s break it down in plain language.
Table of Contents
Change
Currently, the FRA stands at 66 years and 10 months for people born in 1959. But beginning in 2026, if you were born in 1960 or later, you won’t be eligible for full Social Security benefits until you turn 67.
Yes, you can still claim as early as age 62—but doing so will reduce your monthly benefits by around 30% permanently. That’s a big deal if you’re counting on Social Security to be a core part of your retirement income.
Here’s a quick overview:
| Birth Year | Full Retirement Age (FRA) |
|---|---|
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 or later | 67 |
Impact
This change might sound minor, but over the course of your retirement, it could cost you tens of thousands of dollars if you claim early.
Max Richtman, head of the National Committee to Preserve Social Security and Medicare, points out that pushing the retirement age higher is essentially a cut in lifetime benefits—especially for younger Gen Xers and younger boomers.
And here’s the catch: just because the retirement age is increasing doesn’t mean everyone’s saving more. Between stagnant wages, rising costs of living, and increasing college and housing expenses, many Americans simply haven’t been able to build large retirement savings.
Generations
Who exactly will be affected? This FRA increase hits a specific group of Americans hardest:
- Younger Baby Boomers (born 1960–1964)
- Generation X (born 1965–1980)
These groups will need to adjust their retirement plans, especially if they were expecting to retire before age 67 and claim full benefits.
Research shows that expectations often don’t line up with reality. For example:
| Statistic | Percentage |
|---|---|
| Americans planning to retire at age 65 | High majority |
| Median actual retirement age in the U.S. | 62 |
| Americans planning to claim before FRA | 44% |
| People who feel on track for retirement (Vanguard) | 40% |
So nearly half of Americans plan to claim Social Security before their full retirement age. That means smaller monthly checks—possibly for decades.
Planning
Despite being scheduled for decades, the shift to FRA 67 still catches many people off guard. And it highlights the importance of retirement planning.
If you’re nearing retirement, this change is a reminder to:
- Review your personal savings
- Consider when to start collecting benefits
- Use the SSA’s FRA calculator to figure out your exact retirement timeline
Keep in mind: retiring early doesn’t just affect your Social Security benefits. It also impacts how long your savings need to last. And with people living longer than ever, retiring at 62 could mean funding a retirement that lasts 25–30 years.
Strategy
Here’s a simple comparison to help with your retirement math:
| Claim Age | Benefit Reduction | Notes |
|---|---|---|
| 62 | -30% | Earliest possible claim, lowest pay |
| 67 | 0% (Full FRA) | Full benefit payout |
| 70 | +24% | Delayed retirement credit applies |
Waiting until age 70 gives you the biggest monthly check, but that’s not realistic for everyone. Instead, focus on balancing timing with financial need.
If you’re in good health, enjoy your job, and don’t urgently need the income, delaying benefits can really pay off.
But if you need the money sooner—or if health issues or job loss push you into early retirement—just make sure you understand the trade-offs.
Ultimately, there’s no one-size-fits-all answer. But knowing your full retirement age and planning around it is one of the smartest moves you can make.
FAQs
What is the full retirement age in 2026?
It’s 67 for those born in 1960 or later.
Can I still retire at 62?
Yes, but you’ll get 30% less each month.
Who is affected by the FRA change?
Baby Boomers born in 1960+ and all of Gen X.
Does retiring early reduce benefits?
Yes, permanently by up to 30%.
How can I check my own FRA?
Use the SSA online calculator on their website.
