The new full retirement age is 67 for anyone born after 1960.
The adjustments are based on data relating to inflation.The Social Security full retirement age increased againThe full retirement age – the age at which individuals are eligible to claim their full Social Security benefit – rose to 67 this year for those who were born in 1960 . From this year forward, the full retirement age will remain 67 for anyone born after 1960, barring any future changes by Congress.
Although workers can begin collecting payments when they turn 62, regardless of their full retirement age, there's a penalty for doing so: A benefit is reduced 5/9 of one percent for each month before the full retirement age, up to three years. If the number exceeds three years , then the benefit is further reduced 5/12 of one percent each month. For instance, if someone chose to collect Social Security at age 62, the benefit would be reduced by 30% on a monthly basis.
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