What is the full retirement age (FRA) for individuals born in 1960 or later?

The full retirement age (FRA) for individuals born in 1960 and later is 67 years. This change is part of the adjustments made under the Social Security Amendments from 1983, which gradually increased the FRA based on birth year to account for longer life expectancies and the financial sustainability of the Social Security program.

For individuals born in 1960, the FRA is definitively set at 67 years, meaning they must reach this age before they can receive full Social Security retirement benefits. If they choose to take benefits before this age, those benefits will be reduced. Understanding this concept is crucial as individuals plan for retirement and consider when to begin drawing from Social Security.