Assessing the Implications of the Full Retirement Age (Hint: It’s not as simple as you think) - The Economic Times
Reaching full retirement age (FRA)–the age at which a claimant can receive the full amount of their earned Social Security retirement benefit–was historically thought to be age 65. And it was…at least until the Social Amendments of 1983. A series of last-minute steps to avert a benefit payment crisis changed the landscape, leading claimants born in 1938 or later to see a gradual increase in their FRA.
That was then, this is now. “It’s like déjà vu all over again,” to apply a legendary quote from baseball great Yogi Berra (although he also said he didn’t say many of the things he said), and in 2026, we’re a mere six years (or less) from the same payment threat that led to the last-minute changes in 1983 and the FRA question is again taking center stage. Many proposals to resolve the Social Security insolvency problem are based at least in part on raising the FRA from its current 67 to perhaps 69 or 70.
The Economic Times’ Global Desk reporter Piyush Shukla examines some of the history associated with the FRA, including the arrival in 2026 at the end of the gradual increase enacted into law back in 1983. He also touches on the implications of an increased FRA (e.g., the application of the retirement earnings test and the impact on lifetime benefits).
It’s a good refresher as we anticipate growing interest in adjusting the FRA in the future. Check it out here…