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Social Security’s “Full Retirement Age” - FOX13

Social Security’s “full retirement age” (FRA) has been gradually increasing for years, despite some still incorrectly thinking that 65 is the age at which full benefits are paid. A Social Security law enacted in 1983 set into motion the future gradual increase of FRA from age 65 to age 67 that started affecting payments for those first eligible for benefits in the year 2000. The gradual increase in FRA has continued since then, culminating this year for those turning 62 in 2022. For anyone born in 1960 or later, full retirement age is 67 and no further FRA increases will occur unless Congress makes future changes to improve Social Security’s financial status. And since the benefit available at full retirement age is the basis of all Social Security payments, claiming sooner or later than FRA will mean a payment with is either smaller or bigger than the FRA amount. All of this is explained in this FOX13 (Seattle) article by Megan Henney. Click here to read more.

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