For generations, many Americans planned their retirement around one familiar number: age 65.
But in 2026, a major Social Security milestone has officially arrived. The Social Security Administration’s Full Retirement Age (FRA) is now 67 years old for everyone born in 1960 or later, completing a decades-long transition that began more than 40 years ago.
The change does not prevent workers from claiming benefits at age 62, but it does affect how much money they receive each month for the rest of their lives.
What Is Full Retirement Age?
Full Retirement Age is the age at which you qualify for 100% of your earned Social Security retirement benefit.
For many years, the FRA was 65. However, Congress passed reforms in 1983 that gradually increased the retirement age to reflect longer life expectancies and growing pressure on the Social Security system. The final phase of that increase has now taken effect.
According to the Social Security Administration, people who turn 62 in 2026 have a Full Retirement Age of 67.
Can You Still Retire at 62?
Yes.
The earliest age to claim Social Security retirement benefits remains 62. However, claiming before your Full Retirement Age results in permanently reduced monthly benefits.
For someone whose FRA is 67:
| Age You Claim | Approximate Benefit |
|---|---|
| 62 | About 70% of full benefit |
| 63 | About 75% of full benefit |
| 64 | About 80% of full benefit |
| 65 | About 86.7% of full benefit |
| 66 | About 93.3% of full benefit |
| 67 | 100% of full benefit |
| 70 | About 124% of full benefit |
These reductions and increases are permanent and continue throughout retirement.
Why Some Retirees Are Worried
Many Americans expected to receive full benefits at 65 because that was the traditional retirement age for decades.
Now, workers born in 1960 or later must wait until 67 to receive their full monthly benefit. For those who cannot continue working because of health problems, caregiving responsibilities, layoffs, or physically demanding jobs, waiting longer may not be realistic.
As a result, many people claim benefits early and accept smaller monthly checks.
More Americans Are Claiming Early
Despite the financial advantages of waiting, millions of Americans still begin receiving benefits at age 62.
Recent retirement data shows that many workers retire earlier than expected due to health concerns, financial pressures, or difficulty finding employment later in life. Claiming early provides immediate income but reduces monthly benefits permanently.
For example, recent data showed average monthly benefits of roughly:
| Claiming Age | Average Monthly Benefit |
| 62 | About $1,335 |
| 67 | About $2,521 |
Actual amounts vary depending on earnings history and work record.
Waiting Until 70 Can Increase Benefits
Workers who delay claiming beyond Full Retirement Age continue earning delayed retirement credits.
Benefits increase by approximately 8% per year until age 70. After age 70, there is no additional advantage to waiting.
In 2026, the maximum Social Security retirement benefit is:
| Retirement Age | Maximum Monthly Benefit |
| 62 | Up to $2,969 |
| 67 | Up to $4,152 |
| 70 | Up to $5,181 |
These maximum amounts apply only to workers with high lifetime earnings who meet all eligibility requirements.
Could the Retirement Age Rise Again?
The increase to 67 was scheduled decades ago and is now complete.
However, some policymakers and analysts continue discussing future reforms to strengthen Social Security’s finances. Proposals occasionally include increasing the retirement age beyond 67, although no such change has been approved by Congress.
The Social Security trust funds are currently projected to face financial shortfalls in the coming years unless lawmakers enact reforms.
What Retirees Should Do Now
Before deciding when to claim Social Security, experts recommend considering:
✅ Your health and life expectancy
✅ Whether you plan to continue working
✅ Your retirement savings
✅ Your spouse’s benefits
✅ Your monthly income needs
For some people, claiming at 62 makes sense. For others, waiting until Full Retirement Age or even age 70 can provide significantly larger monthly payments and greater long-term financial security.
Bottom Line
The retirement age change many Americans have worried about is now fully in place. For workers born in 1960 or later, Full Retirement Age is officially 67. While benefits can still begin at age 62, claiming early means accepting permanently smaller monthly payments. As retirement planning becomes increasingly important, understanding these rules could make a difference worth thousands of dollars over a lifetime.
