The new Social Security Retirement age that will start in November, 2025, will affect millions of retirees in the United States. However, the official announcement about the new retirement age has not been made by the Social Security Administration. But, this modification of the retirement age is a provision of the law enacted in 1983 by the United States Congress.
New Social Security Age Rule Starts in November
The primary intention of this law was to raise the Full Retirement Age (FRA) progressively for making the social security system economically robust and mitigating higher life expectancies of the individuals.
Thus, if the retirees are contemplating to receive their retirement benefits after the FRA then their social security retirement benefits will increase. But if they contemplate taking their retirement benefits prior to the Full Retirement Age, then their benefits can be cut. So, this new regulation concerning retirement age could affect significantly those persons who are planning for retirement in 2025.
Hence, if you want full details on the new Social Security Age Rule Starts in November, then this article is for you. In the present article, I have covered key information about the Social Security Retirement benefits including its eligibility criteria as well as its process of application. Furthermore, this article will also assist you in retirement planning for 2025.
Social Security Retirement Benefits – Overview
| Article On | New Social Security Age Rule Starts in November: What it means |
| Country | United States of America |
| Department | Social Security Administration (SSA) |
| Program Name | Social Security Retirement Benefits |
| Beneficiaries | Eligible U.S. retirees |
| Amount | As per eligibility |
| Category | Government Aid |
| Official Website | ssa.gov |
What is the Full Retirement Age (FRA)?
The 100% retirement benefits that eligible retirees get upon attaining a specific age under the Social Security Benefits program is referred to as the Full Retirement Age (FRA). That is, it is the age threshold under which eligible U.S. retirees get their social security retirement benefits on a monthly basis.
But the experts recommend retirees to postponed their retirement even after attaining the Full Retirement Age because it can boost their retirement benefits every month. The retirement benefits raise approximately 8% a year, if a retiree defer his or her retirement age to 70.
The additional retirement benefits are called the “delayed retirement credits”. But, if an individual retires at the age of 62 and starts to claim retirement benefits from that age then there will be reduction in the monthly benefits permanently.
The rate at which the retirement benefits are reduced depends upon the age of an individual. For example, if the FRA of an individual is 66 years and 6 months and he or she begins to claim benefits from age 62 then the benefits can be reduced by around 27.50% monthly.
What is the New Social Security Age Rule?
Retirees’ birth year is used by the SSA to determine their Full Retirement Age (FRA). The eligible recipients are qualified to get 100% of their earned Social Security payment at that age. U.S. retirees born in 1959 will attain their FRA that is 66 years and 10 months in November, 2025.
Compared to individuals born in 1958, who attained FRA at 66 years and 8 months, that is two months later. The FRA will arrive in October 2026 if eligible retirees were born in December 1959. Congress began raising the full retirement age from 65 to 67 in 1983, and the FRA hikes are a part of that gradual change.
Here’s the table that will help you understand new retirement age more effectively –
| Retirement at Age 62 | ||||
| Year of Birth | Full Retirement Age (FRA) | Months between FRA and age 62 | Benefit ($1000) reduced to | Percentage of retirement benefit reduced |
| 1960 and later | 67 | 60 | $700 | 30% |
| 1959 | 66 and 10 months | 58 | $708 | 29.17% |
| 1958 | 66 and 8 months | 56 | $716 | 28.33% |
| 1957 | 66 and 6 months | 54 | $725 | 27.50% |
| 1956 | 66 and 4 months | 52 | $733 | 26.67% |
| 1955 | 66 and 2 months | 50 | $741 | 25.83% |
| 1943-54 | 66 | 48 | $750 | 25.00% |
The Social Security Retirement Benefits Eligibility
The eligibility criteria for receiving the Social Security Retirement benefits are –
- The Social Security Retirement benefits applicant should be a permanent resident in the United States or a U.S. citizen.
- Eligible recipients must equal their date of birth with the new Full Retirement Age (FRA) for getting the retirement benefits.
- One who has gained as much as 40 work credits or has worked for nearly 10 years is entitled to the Social Security Retirement benefits.
The Social Security Retirement Benefits Application Process
There are three methods through which you can apply for the Social Security Retirement benefits. The methods are in-person, on-call, or on-official website.
In-person – You can make the application for the Social Security Retirement benefits by coming to regional Social Security office. You have to bring all your required documents for completing the application form.
On-call – Call on 800-772-1213 to apply for the Social Security Retirement benefits. The Social Security Administration official will walk you through step by step during the application process.
On-official website – You No also apply for the Social Security Retirement benefit through the official website of the Social Security Administration.
How can you plan for your retirement in 2025?
Therefore, because of new retirement age rule, you have to plan your retirement properly for availing maximum retirement benefits in the year 2025. The following are some key steps which you can adopt to plan your 2025 retirement –
- For obtaining individualized projections, you can view your history in the “My Social Security”.
- You can also receive optimal retirement benefits by analyzing your real financial needs after your retirement.
- If you are about to retire before the age of 65 then you ought to purchase a health insurance for availing medical benefits.
- Besides this, to maximize your retirement benefits and save extra, you can also consult an investment analyst.
Fact Check
For retirees born in 1959, the full retirement age will increase by an additional two months, to 66 years and 10 months. People born in 1959 will begin to qualify for their full benefits in November 2025, marking the implementation of the Full Retirement Age. In addition, visit the official Social Security Administration website for figuring out when you will be able to get your full retirement benefits.
| Official Website | Click Here |
| Homepage | BSEBSTET.Com |
