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Key takeaways
Full retirement age (FRA) is when you can claim your full, unreduced Social Security benefit. It’s 67 for anyone born in 1960 or later.
You can claim as early as 62, but your monthly benefit is permanently cut by 30% if your FRA is 67.
Waiting past your FRA earns delayed retirement credits worth 8% a year, up to 24% more at age 70.
If you claim before FRA and keep working, the earnings test can temporarily withhold part of your benefit until you reach FRA.
Your full retirement age (FRA) is the age at which you qualify for 100% of your Social Security retirement benefit. For anyone born in 1960 or later, that age is 67 and claiming earlier permanently reduces your monthly check, while waiting longer increases it.
Knowing your FRA matters: as of December 2025, about 87% of Americans aged 65 and older were receiving Social Security, and the average retired worker collected roughly $2,071 a month in early 2026. For many retirees, Social Security is a cornerstone of their income — so the age you claim can shape your finances for the rest of your life.
What is the full retirement age?
Full retirement age is the age at which you’re entitled to unreduced Social Security benefits. It’s often confused with the earliest age you can claim (62) and with Medicare eligibility (65) but it’s a separate milestone tied to your birth year.
Under the 1983 Social Security amendments, Congress gradually raised the FRA from 65 to 67. Here’s your full retirement age based on when you were born.
Birth year
Full retirement age
1943–1954
66
1955
66 and 2 months
1956
66 and 4 months
1957
66 and 6 months
1958
66 and 8 months
1959
66 and 10 months
1960 and later
67
If you were born on January 1, your benefit is calculated as though you were born in the previous year.
How your retirement age affects your Social Security
You can start collecting Social Security at 62, but claiming before your full retirement age permanently reduces your monthly benefit. Here’s how much you’d give up by filing at 62, based on your birth year.
Birth year
Full retirement age
Benefit reduction if you claim at 62
1943–1954
66
25%
1955
66 and 2 months
25.83%
1956
66 and 4 months
26.67%
1957
66 and 6 months
27.5%
1958
66 and 8 months
28.33%
1959
66 and 10 months
29.17%
1960 and later
67
30%
The closer you get to your full retirement age, the smaller the reduction. Here’s how the cut shrinks for someone born in 1960 or later, with a full retirement age of 67.
Age you claim
Benefit reduction (FRA 67)
62
30%
63
25%
64
20%
65
13.33%
66
6.67%
67
0%
Social Security calculates the reduction using a two-tier formula: your benefit drops by 5/9 of 1% for each of the first 36 months you claim early, then 5/12 of 1% for every additional month before that.
The Social Security earnings test
If you claim before your full retirement age and keep working, the earnings test can temporarily reduce your benefit. In 2026:
If you’re under FRA all year: Social Security withholds $1 in benefits for every $2 you earn above $24,480.
In the year you reach FRA: the rule is gentler: $1 is withheld for every $3 you earn above $65,160, and only earnings before the month you hit FRA count.
Once you reach FRA: there’s no limit, and your earnings no longer reduce your benefit.
Withheld benefits aren’t lost forever. Once you reach full retirement age, Social Security recalculates your payment to credit back the months benefits were withheld. To estimate the impact, use the SSA’s Retirement Earnings Test Calculator.
What happens if you work past full retirement age?
If you delay claiming past your FRA, you earn delayed retirement credits that boost your benefit by about 8% a year until age 70. There’s no advantage to waiting beyond 70. For someone born in 1960 or later, here’s how the increase adds up.
Age you claim
Benefit increase (FRA 67)
67
0%
68
8%
69
16%
70
24%
Is it better to claim early or delay?
There’s no universal answer and comes down to: how long you expect to live, whether you need the income now and how a claim affects a spouse. The key concept is your break-even age: the point at which the larger delayed checks catch up to, and overtake, the smaller early ones.
Say your full benefit at 67 is $1,000 a month. Claim at 62 and it’s cut to $700; wait until 70 and it grows to $1,240. By claiming early, you collect eight extra years of checks — a head start of about $67,000 by age 70. But the delayed benefit pays $540 more each month, so it takes roughly 10 years to close that gap. In this example, the break-even lands around age 80 to 81.
The takeaway: if you expect to live past your early 80s, delaying tends to pay more over your lifetime. If you’re in poorer health or need the money sooner, claiming early may make more sense. Delaying also raises the survivor benefit for a lower-earning spouse, which often tips the decision toward waiting for the higher earner in a couple.
How to factor Social Security into retirement planning
Social Security is designed to replace only about 40% of an average earner’s pre-retirement income, so it’s rarely enough on its own. Most people supplement it with other sources, such as an individual retirement account (IRA) or a 401(k). That means your FRA should be just one input in a broader plan.
Other timing factors to weigh include when you can tap your other accounts without penalty, whether you can afford to retire early and personal circumstances that might keep you working longer.
A few key ages to keep in mind:
59½: You can take distributions from IRAs, 401(k)s and pension plans without the 10% early withdrawal penalty. Withdrawals from traditional accounts are still subject to income tax — unless the money is in a Roth IRA or Roth 401(k).
First two years of a SIMPLE IRA: Withdraw early and you may face an extra 25% penalty on top of the usual tax, so it can pay to wait.
62 to 70: Your Social Security claiming window, where every month you wait increases your benefit.
How much do Americans think they need to retire?
Expectations vary widely. In a Finder survey of 2,033 US adults, one in five (20%) thought they could retire comfortably on $250,000 or less, while a combined 31% said they’d need more than $1 million.
How much do you think you ll need to have saved to retire comfortably?
Response
% of Americans
Less than $250k
20%
$750k - $999K
14%
$500k - $749k
16%
$5 million +
4%
$4 - $4.99 million
1%
$3 - $3.99 million
2%
$250k - $499k
19%
$2 - $2.99 million
4.38%
$1.5 - $1.99 million
6.20%
$1 - $1.49 million
14.46%
Source: Finder survey by Qualtrics of 2,033 Americans
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Since Social Security is likely to cover only part of your retirement income, a tax-advantaged account can help fill the gap. Compare IRA and retirement account providers below.
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Bottom line
Your full retirement age is when you’re entitled to your full Social Security benefit — 67 for anyone born in 1960 or later. You can claim as early as 62, but your monthly check will be permanently smaller, and delaying past your FRA raises it up to age 70. Because Social Security is likely only part of your retirement income, it’s worth pairing your claiming decision with other retirement plans to build a fuller picture.
Frequently asked questions
Full retirement age (FRA) is the age at which you can claim 100% of your Social Security retirement benefit. It depends on your birth year: it's 66 for people born between 1943 and 1954, rises in two-month steps for those born from 1955 to 1959, and is 67 for anyone born in 1960 or later.
Yes. Age 62 is the earliest you can claim Social Security retirement benefits. But claiming before your full retirement age permanently reduces your monthly payment — by 30% if your FRA is 67. The reduction applies for the rest of your life, including future cost-of-living adjustments.
Delaying past your full retirement age earns delayed retirement credits worth about 8% a year, up to a maximum of 24% more at age 70 for those with an FRA of 67. There's no benefit to waiting beyond 70, as the credits stop accruing.
In 2026, if you're under full retirement age for the whole year, Social Security withholds $1 in benefits for every $2 you earn above $24,480. In the year you reach FRA, the limit rises to $65,160 and only $1 is withheld for every $3 over it. Once you reach FRA, there's no earnings limit.
It depends on your health, income needs and life expectancy. Claiming at 62 gives you smaller checks sooner; waiting until 67 (or 70) gives you larger checks later. The break-even age — when the larger delayed benefit overtakes the total from claiming early — typically falls around age 80 to 81. Living past that point generally favors delaying.
No. Medicare eligibility starts at 65 regardless of your Social Security full retirement age. Because the FRA is now 67 for most people, many reach Medicare eligibility before they reach their FRA, so it's worth planning for the two milestones separately.
Once you reach full retirement age, the earnings test no longer applies, so you can work and earn any amount without reducing your Social Security benefit. If you also delay claiming past your FRA, you'll earn delayed retirement credits that increase your monthly payment until age 70.
Yes. The reduction for claiming before full retirement age is permanent and doesn't reverse when you reach FRA. The one exception is benefits withheld under the earnings test, which are credited back through a higher payment once you reach full retirement age.
Sources
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Richard Laycock, a member of Finder's
Editorial Review Board.
Kimberly Ellis is a personal finance writer at Finder, specializing in banking and financial literacy. After teaching in public and private schools, Kimberly zeroed in on personal financial education to help families and kids develop lifelong money skills. She hails from New York City, graduating summa cum laude from Queens College with a BA in elementary education and mathematics, as well as a New York State teaching certificate. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.
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