Social Security’s Full Retirement Age (FRA)
Once upon a time, there was no mystery about Social Security’s full retirement age – everyone received their full benefit if they claimed at 65 years of age, the age set when the program was first enacted in 1935. But way back in 1983, the Social Security program was facing financial difficulty, about to run out of money needed to pay 100% of its benefit obligations. Congress knew it had to act to restore the country’s premier retirement plan to solvency, so Democrats and Republicans worked together (imagine that) to develop multifaceted legislation to get the job done. Raising the age at which full retirement benefits were paid was part of that broad 1983 legislation – rightfully so since average life expectancy had risen substantially over the years.
Implementing the New Retirement Age
Lawmakers knew that raising the full retirement age (FRA) would be an unpopular change with voters. So, Congress (as politicians) found a way to ease potential voter ire – increase the FRA gradually so that only future beneficiaries were affected. Hence a new formula for slowly increasing Social Security’s full retirement age was born, and its still law today.
When enacted in 1983, the new FRA rules affected those who were between age 23 and 45 at the time – too far before retirement to cause great concern. Those born in 1938 were the first to be affected by the new rules, which added 2 months to the FRA according to the beneficiary’s year of birth. Here’s what the new (and current) full retirement age chart looks like:
| Year of Birth | Full Retirement Age |
| 1937 and earlier | 65 |
| 1938 | 65 plus 2 months |
| 1939 | 65 plus 4 months |
| 1940 | 65 plus 6 months |
| 1941 | 65 plus 8 months |
| 1942 | 65 plus 10 months |
| 1943 – 1954 | 66 |
| 1955 | 66 plus 2 months |
| 1956 | 66 plus 4 months |
| 1957 | 66 plus 6 months |
| 1958 | 66 plus 8 months |
| 1959 | 66 plus 10 months |
| 1960 and later | 67 |
What FRA Means to You
Claiming exactly at full retirement age means getting 100% of the SS retirement benefit earned from a lifetime of working and payng payrill (FICA) taxes. Claiming before FRA, however, means a permanently reduced Social Security retirement benefit. Spousal benefits and survivor benefits are also affected by the date those benefits are claimed relative to full retirement age as shown above. FYI, most beneficiaries claiming Social Security today will have a full retirement age of 66, or 67, or somewhere in between.
Does all this still seem complicated? Well, it is – which is why the AMAC Foundation’s Social Security Advisory Service offers free guidance on Social Security matters such as how couples should approach their benefit claiming options. Email questions to ssadvisor@amacfoundation.org or call us at 1 (888) 750-2622.