In 2025, the full retirement age—the point at which you can start receiving all of your Social Security benefits—will rise.
Although recipients can start receiving Social Security benefits as early as age 62, they won’t be eligible to receive the entire amount until they are of full retirement age. Depending on how far you are from full retirement, the amount of benefits is decreased by a percentage if you take them before FRA. This reduction can be as much as 30%.
For instance, a $1,000 payout would be reduced to $750 for an individual born between 1943 and 1954 who retired at age 62, four years ahead of their full retirement age of 66. The $1,000 payment would be reduced to $700 per month for a person born in 1960 or later who retired at age 62, five years before to their FRA.
You are eligible for 100% of payments based on lifetime earnings if you wait until your FRA. However, because of a statute approved by Congress in 1983 that raised the FRA, which was 65 at the time, by two months for every year after that, that age rises annually.
READ MORE: The 2025 cost-of-living increase for Social Security beneficiaries will be less significant. Here’s the amount and time.
This is how AARP describes the procedure:
Those born May 2, 1958, through February 28, 1959, will reach FRA in 2025. FRA is 66 years and 8 months for those born in 1958 and 66 and 10 months for those born in 1959. For those born after 1960, it will settle at 67 under existing law.
In other words, FRA for 2025 will be between 66 years and 8 months and 66 years and 10 months.
A complete chart of FRA details is available here.
Adjusted for inflation, the maximum Social Security payment that FRA employees are eligible to receive is $4,018 in 2025, up from $3,822 the previous year. Those who wait until age 70 can claim even more for a maximum of $5,108 a month.
This year, a cost of living adjustment is due to all Social Security recipients. In the upcoming year, benefits are expected to rise by 2.5 percent. The COLA means the average beneficiary receiving $1,870 per month will see an increase of about $47 starting with their next payment.
Note: Every piece of content is rigorously reviewed by our team of experienced writers and editors to ensure its accuracy. Our writers use credible sources and adhere to strict fact-checking protocols to verify all claims and data before publication. If an error is identified, we promptly correct it and strive for transparency in all updates, feel free to reach out to us via email. We appreciate your trust and support!