This Will Be the New Retirement Age to Receive Full Social Security Benefits in 2027

Workers born in 1960 will reach full retirement age in 2027, allowing them to receive 100% of their Social Security benefits. Claiming earlier reduces payments, while delaying can increase them.

(Credit: Distractify)

Social Security Retirement Age in 2027: In 1983, Congress changed the Social Security rules to help the program stay stronger for the long run. One big change was a slow rise in the age for full, unreduced retirement benefits. The old full retirement age was 65 for many years, but the law raised it step by step until it reached 67 for people born in 1960 or later.

Full Retirement age is in 2027

For most people, the answer is simple. The full retirement age in 2027 will be 67 for workers born in 1960 or later. The Social Security Administration says full retirement age depends on your birth year. It is 66 for people born from 1943 to 1954. It rises slowly for later birth years and reaches 67 for people born in 1960 or later. That means workers born in 1960 become eligible for full Social Security retirement benefits in 2027.

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What happens if someone claims early?

People can start Social Security retirement benefits as early as age 62, but the payments are smaller if they do so. The SSA says early benefits are reduced because the person will get payments for a longer time. For someone whose full retirement age is 67, claiming at 62 means about a 30% cut in the monthly check. A $1,000 monthly benefit at full retirement age would drop to about $700 if claimed at 62.

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What happens if someone waits?

Waiting can also help. The SSA says retirement benefits go up by about 8% for each full year a person delays claiming after full retirement age, up to age 70. For someone whose full retirement age is 67, waiting until 70 can raise the monthly benefit by about 24%. After age 70, the benefit no longer grows from delayed retirement credits.

So basically, in 2027, the full retirement age is 67 for people born in 1960 or later. People can still claim at 62, but they get less money each month. Waiting longer usually means a bigger monthly check.

Eduvast Desk