Social Security retirement age set to change in 2025

[Pelican Press 0]

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Social Security retirement age set to change in 2025

(NEXSTAR) – Among the changes Social Security recipients will see in 2025 is a higher full retirement age.

The number marks the age at which workers become eligible to claim 100 percent of their retirement benefit based on lifetime earnings.

For years, the full retirement age was 65, but that changed with a law passed by Congress in 1983 to gradually raise that number to match the growing expected lifespan, according to the Social Security Administration.

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The full, or “normal” retirement age, has been creeping up steadily in recent years by two months for each subsequent birth year.

If you were born in 1958, for instance, you would reach the full retirement age at 66 years and 8 months, but if you were born in the following year that retirement age climbs to 66 years and 10 months. Recipients born May 2, 1958 through Feb. 28, 1959 will all reach full retirement age in 2025,

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. For those born in 1960 and later,

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.

Birth Year

Full Retirement Age

Payout From $1,000 Benefit If Taken At 62

1943-1954

66

$750

1955

66 and 2 months

$741

1956

66 and 4 months

$733

1957

66 and 6 months

$725

1958

66 and 8 months

$716

1959

66 and 10 months

$708

1960 and later

67

$700

Workers can elect not to wait until their full retirement age and start receiving benefits as early as 62, but at a reduced amount. Those who can wait until 70 to start taking benefits are

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Among the other Social Security changes coming in 2025 are

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at 2.5%, down from 3.4%; an increase in maximum taxable earnings from $168,000 to $176,100; and appointment-based services at Social Security offices nationwide.

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