What is the Full Retirement Age (FRA) for individuals born after 1960?

The Full Retirement Age (FRA) for individuals born after 1960 is 67 years old. This age was established as part of the adjustments made to the Social Security system to address the increasing life expectancy of the population and the financial sustainability of the program.

For individuals born in 1960 and later, the FRA is 67, which means they can begin receiving full retirement benefits at that age without any reduction due to early retirement. If they choose to retire earlier, at 62 for example, their monthly benefits will be reduced, reflecting the longer period over which benefits will be paid.

Understanding the FRA is crucial for individuals planning their retirement, as it influences their financial planning and benefits strategy. Knowing that those born after 1960 will reach their FRA at 67 aids in making informed decisions about when to retire and how to maximize Social Security benefits.