Full Retirement Age for Social Security, Explained

May 8

Social Security Full Retirement Age Vision Retirement RIA CFP financial advisor wealth management Ridgewood NJ

Understanding Social Security is a retirement-planning staple as the program is an important safety net for many individuals, providing a steady source of income. Determining how and when to claim Social Security benefits is often challenging, however, particularly when determining your full retirement age (FRA).

This post will help you out, explaining FRA, how to pinpoint yours, and why it's essential for retirement planning. We'll also discuss how working beyond your FRA impacts your benefits and cover other important details to help you navigate Social Security complexities.

What is full retirement age for Social Security?

First and foremost, your FRA is the age when you can begin receiving full, unreduced Social Security benefits. Reaching this is an important retirement-planning milestone for many as it signifies the point at which you can access full benefits in the absence of any reductions.

While claiming benefits before reaching your FRA permanently reduces your monthly payments, delaying them until after this milestone gives you a larger monthly benefit until age 70 (when Social Security benefits stop increasing).

This concept has in fact evolved over time. Though FRA was initially set at age 65, the U.S. government gradually raised this as both life expectancy and concerns about the financial stability of the Social Security system grew; FRA remained at 65 for those born before 1938 but otherwise increased incrementally for those born thereafter (reaching 67 upon hitting 1960).

How to find your full retirement age

As just mentioned, your full retirement age is primarily determined by the year in which you were born—with the Social Security Administration (SSA) establishing specific ages triggering eligibility for full benefits based on birth year.

If you were born in 1960 or later, for example, your FRA is 67. Born before this? FRA gradually decreases by a couple of months each year, starting at age 65. Here's a simple chart listing FRA based on birth year:

Social Security FRA Vision Retirement RIA fiduciary CFP Ridgewood New Jersey — Source: Social Security Administration

Still unsure about your specific FRA or want to verify the exact age? Visit the Social Security website.

How is Social Security calculated?

Social Security benefits, meanwhile, are determined by lifetime earnings rather than income from a single year: with the Social Security Administration using your highest-earning 35 years to calculate your monthly benefit amount. Worked for fewer than 35 years? In that case, zeros are simply included in the calculation for non-working years—potentially lowering your monthly benefit. The more years you work and the higher your income during that time, the greater your benefits.

Social Security benefits calculations—which begin with "average indexed monthly earnings" (AIME) representing the average of your 35 highest-earning years and adjusted for inflation—are designed to reflect changes in average wages over time, ensuring past earnings are considered equivalent to their current value. This adjusted income is then averaged to produce your AIME figure.

The SSA then uses this number to calculate your primary insurance amount (PIA), the base amount you'd receive upon reaching your FRA. The corresponding formula—using three different percentage rates (often referred to as "bend points") that apply to portions of your AIME—is designed to replace a higher percentage of lower earnings and a smaller percentage of higher earnings, providing a progressive benefit to all recipients.

Though the PIA is the foundation for determining monthly income, it is also influenced by your age when you claim benefits. Doing so early on (before your FRA) reduces your PIA, while waiting to claim until after your FRA increases your PIA due to delayed retirement credits.

It's also important to note that if you choose to continue working after reaching your FRA, your benefits are still sometimes adjusted—with Social Security recalculating your benefits based on any higher earnings from your later years of work. If you earn more than in your previous highest-earning years, your AIME will increase (potentially resulting in a higher benefit); working past your FRA is thus sometimes advantageous for enhancing lifetime benefits.

How does working impact your FRA?

If you choose to claim benefits before reaching your FRA, know the Social Security Administration imposes an earnings test that may trigger a reduction (meaning your monthly payments will be temporarily reduced if you earn more than a certain amount while receiving SS benefits before your FRA).

With the earnings limit set at $23,400 annually for 2025, exceeding this threshold means the SSA will withhold $1 in benefits for every $2 you earn above it. If you work during the year you reach your FRA, meanwhile, Social Security will deduct $1 for every $3 you earn above the 2025 limit of $62,160—which only includes earnings before the month you reach your FRA. If you earn $70,000 from January through October and don’t hit your RFA until November, for example, $2,613 is withheld.

Still working and receiving benefits after reaching your FRA? In this case, monthly payouts are no longer adjusted due to earnings—providing more flexibility for retirees who want to stay employed without worrying about Social Security benefit reductions.

FRA and survivor benefits

Survivor benefits are a critical part of Social Security, providing financial support to the loved ones of a deceased worker. Surviving spouses, dependent children, and in some cases dependent parents are all eligible for these benefits.

The specific benefit amount ultimately depends on the deceased person’s work history and the survivor's relationship to the deceased. Survivor benefits are typically available to spouses who were married to the decedent for at least nine months, with any dependent children—including biological/adopted children and stepchildren—also sometimes eligible until they turn 18 (or 19 if full-time students). Dependent parents, meanwhile, may be eligible if they were financially dependent on the deceased worker.

It's typically possible to claim survivor benefits as early as age 60 (or even younger if the surviving spouse is caring for a child under the age of 16). That said, making a claim before the survivor’s FRA results in a permanent benefits reduction (e.g., while survivors between age 60 and full retirement age would receive a benefit reflecting 71.5% to 99% of their spouse's, this number climbs to 100% if they wait until their FRA). The FRA of the deceased spouse is also an important factor in determining survivor benefits; if he/she claimed this before reaching full retirement age, the survivor typically receives a reduced benefit (similar to early retirement reductions).

Additional considerations when planning for retirement

Be sure to consider spousal benefits as well when planning for retirement, allowing (yes) spouses to claim Social Security benefits based on the other spouse's work record. Full spousal benefits are available when the claiming spouse reaches his/her own FRA, though earlier claims are in fact possible (as early as age 62) at a reduced rate. In some cases, it's beneficial for one spouse to wait until he/she reaches FRA to claim benefits based on the other spouse’s earnings; for example, if one spouse has a significantly higher earnings record, his/her partner can receive up to 50% of the corresponding benefit at FRA (perhaps more than what that person would receive otherwise).

Final thoughts on Social Security and FRA

Determining when you can begin receiving full Social Security benefits, your FRA plays a key role in deciding the optimal time to claim. Whether you choose to retire early, at FRA, or delay benefits until after this, knowing this number can help you effectively strategize and avoid permanent reductions in benefits—keeping in mind Social Security is just one piece of the retirement puzzle.

Have questions about Social Security or other aspects of retirement? Schedule a FREE discovery call with one of our CFP® professionals to get them answered!