Social Security Full Retirement Age – What are the Average SSA Benefits by Age 62? 67? 70?

Almost all retirees who wish to retire in 2025 are aware of the full retirement age (FRA) for U.S. Social Security. Many expect significant changes to rules this year, but that is not the case. The retirement process will occur in 2025 as it has over the past years.

If one has made adequate preparations for retirement, one is bound to have a decent amount of money paid to him or her upon retirement; however, for one to benefit more, it is important to know the facts well.

ALSO READ: New Social Security payment arrives on April 9, 2025: Who qualifies?

How is the age of Social Security determined?

According to a law made in the 1980s, the full retirement age of Social Security is being gradually increased every passing year. Congress made such a decision in 1983 considering the increasing life expectancy.

According to SSA, your retirement payment depends on how much you earned and how much you worked throughout your life. Unfortunately, most individuals think that they have reached an automatic retirement age of 65.

What changes happen in 2025?

Here are a few changes that will be introduced in the year 2025. All people who avail of Social Security benefits should know these:

• The full retirement will now increase according to the year of birth.
• The taxable income limit increased to $176,100.

COLA (Cost of Living Adjustment) has been increased to 2.5% from January 2025, which has increased the monthly payout.

How much Social Security benefit is available at what age?

Now let us look at the three important ages: 62, 67, and 70 when the majority of people file Social Security claims.

Social Security at 62

You can start receiving Social Security benefits from early retirement at age 62. This is the earliest option but it is a lower payment.

• If you take it before full retirement, the payment is reduced each month.
• You will receive an overall 25 to 30% less money during your entire life of retirement.

But there are people who think that it might be wiser to claim it early since Social Security might be cut down to whatever level by 2033.

Social Security at 67

• 67 years is the full retirement age for individuals born in 1960 or later.
• At this age, you get full Social Security benefits, no reduction.

It becomes really advantageous if you live for many years.

Social Security at 70

• If you wait until age 70, your monthly payment is the highest.
• 24% to 32% more in benefits, depending on your date of birth.

But there is a chance that you will not live as long as to receive your full benefit.

Will the full retirement age increase in 2025?

It is often mistaken that the retirement age will be much changed in the year 2025. The full retirement age will be converted, as it historically has been, according to the year of birth of an individual.

For example:

• Those born in 1957 will reach full retirement age at 66 years and 6 months.
• Those born in 1960 or later reach full retirement age at 67.

Conclusion: Make the right decision:

The most appropriate Social Security age requires evaluation of numerous measures, including financial circumstance, health, and life expectancy.

• Early withdrawal (62 years) – You will get the money early but in less amount.
• Full withdrawal – 67 years – You will get the full payment; no deduction applied.
• The late withdrawal is at 70 years, and here you will receive the highest monthly benefit.

This decision is taken into account based on the needs and planning for the future. Always calculate your benefits from the SSA website and make your retirement plan smart.

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