The Social Security full retirement age increased again in 2022 for some individuals – but it marks the last year that the age will change.
The 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 (and who will turn 62 this year).
From this year forward, the full retirement age will remain 67 for anyone born after 1960, barring any future changes by Congress.Congress mandated the changes to the full retirement age in 1983 as part of a law that strengthened the program's finances.
In doing so, lawmakers cited the improvements in the health of older Americans and the increased life expectancy.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.