When does a person born in 1960 or later reach their Full Retirement Age (FRA)?

A person born in 1960 or later reaches their Full Retirement Age (FRA) at age 67. This change was implemented as part of gradual adjustments made to the Social Security system, which were aimed at addressing demographic shifts and the financial sustainability of the program.

The Social Security Administration has been gradually increasing the FRA starting with individuals born in 1938 and later, increasing it in two-month increments for every subsequent birth year until it reaches age 67 for those born in 1960 and later.

This means that individuals born in 1960 will not be eligible for full retirement benefits until they are 67 years old. Prior generations had a lower FRA, reflecting different life expectancy and economic conditions at the time. Understanding this aspect is crucial for planning and advising clients on their retirement benefits and social security options.