You Have Less Than 90 Days to Prepare for This Permanent Social Security Change

Full retirement age (FRA) has been creeping higher for decades, and beginning in January 2027, the first retirees whose full retirement age is 67 will reach that milestone.

Claiming before your full retirement age can permanently reduce your monthly check, so it pays to know exactly when you reach it. With the right age in mind, you can make the right moves and choose a claiming date that fits the retirement you have planned.

January 2027 marks the first full retirement age of 67

People born in 1960 are the first birth-year group with a full retirement age of 67, with one important exception for those born on January 1. The first people subject to the new age threshold, those born January 2, 1960, reach full retirement age in January 2027.

Under current law, full retirement age is 67 for people born January 2, 1960 or later, and Congress would have to change the law to raise or lower it again.

Claiming at 66 by mistake could leave you with less for life

If you were born in 1960 and claim at 66 thinking you have reached full retirement age, Social Security would actually treat you as filing 12 months early. For someone entitled to $2,000 a month at 67, claiming a year early would cut the benefit by about 6.7%, leaving you with roughly $133 less each month.

Your benefit remains permanently lower after you turn 67, with future cost-of-living adjustments (COLAs) applied to that smaller amount. Over a 20-year retirement, $133 less per month alone could add up to nearly $32,000 before accounting for future COLAs.

Your exact birthday can change when full retirement age arrives

If you were born on the first day of a month, Social Security generally treats you as though you were born in the previous month when figuring your full retirement age. Someone born on January 1, 1960, for example, is treated as having been born in December 1959, giving them a full retirement age of 66 and 10 months instead of 67.

This first-of-the-month rule applies throughout the year, so your exact birthday can make a difference in when you reach full retirement age. If you were born on the first, check your FRA directly with Social Security rather than relying only on the standard birth-year table.

A few years can make a big difference in your monthly check

Your full retirement age is the point where you receive 100% of the benefit your earnings record has produced. Every month you claim before that age reduces your payment permanently, while every month you wait past it, up to age 70, increases your payment permanently.

For someone with a full retirement age of 67 and a $2,000 monthly benefit:

• Claim at 62: About $1,400 a month
• Claim at 67: $2,000 a month
• Claim at 70: About $2,480 a month

Once you claim, future cost-of-living increases are applied to the benefit amount you started with. Choosing 62 instead of 70 in this example creates a difference of about $1,080 a month, making your claiming age one of the biggest decisions affecting how much Social Security you receive over retirement.

How to verify your FRA and see what it means for your check

Social Security's Retirement Age Calculator can confirm your full retirement age based on your exact birth date, including the special rule for people born on the first day of a month.

Your my Social Security account can also show personalized benefit estimates based on your earnings record. Comparing what you could receive by claiming early, at full retirement age, or later lets you see the difference in monthly dollars using your own numbers.

Seeing those amounts side by side can help you decide when Social Security works best with the income and savings you expect to have in retirement.

Bottom line

The Social Security age your parents planned around may have worked perfectly for them, but it may not apply to you. Retirement rules have changed slowly enough that it is easy to keep using an old number without realizing it, especially if 65 or 66 has always felt like the "normal" retirement age.

Knowing your own full retirement age gives you a better starting point for deciding when to claim. You may find that waiting a little longer fits comfortably into your retirement plan, or that claiming earlier still works best for your situation.

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