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The Social Security Retirement Age
By Congressional Research Service
The Social Security full retirement age (FRA) is the age at which workers can first claim full (i.e., unreduced) Social Security retired-worker benefits.1 Among other factors, the age at which an individual begins receiving Social Security benefits has an impact on the size of the monthly benefits. Claiming benefits before the FRA can substantially reduce monthly benefits, whereas claiming benefits after the FRA can lead to a substantial increase in monthly benefits. Benefit adjustments are made based on the number of months before or after the FRA the worker claims benefits. The adjustments are intended to result in roughly the same total lifetime benefits, regardless of when the worker claims benefits, based on average life expectancy. The FRA was 65 at the inception of Social Security in the 1930s. As part of legislation enacted in 1983, the FRA increases gradually from 65 to 67 over a 22-year period that started for those who turned age 62 in 2000. The increase in the FRA is fully phased in (the FRA is 67) for workers born in 1960 or later (i.e., for workers who become eligible for retirement benefits at age 62 in 2022).
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