Social Security rules can feel complicated, especially when changes are announced. One important milestone arriving in 2026 is the completion of the scheduled increase in Full Retirement Age (FRA)—the age when you can receive your full Social Security retirement benefit.

Understanding your FRA can help you make better decisions about when to claim benefits and how your choice may affect your lifetime income.

What Full Retirement Age (FRA) Really Means

Your Full Retirement Age is the age when you become eligible to receive your full Social Security retirement benefit based on your work history.

The age you choose to claim benefits can change your monthly payment:

• Claim at FRA: You receive your full monthly benefit.
• Claim before FRA: Your benefit is permanently reduced.
• Claim after FRA: Your benefit increases until age 70.

Your FRA depends on your birth year. For people born in 1960 or later, the FRA is 67. For those born earlier, the FRA is between age 65 and 66 years and 10 months, depending on their birth year.

What’s Changing in 2026?

The change in 2026 is the final step of a gradual increase in Full Retirement Age that has been phased in over several years.

If you were born in 1960 or later, your Full Retirement Age is 67. This means that someone turning 66 in 2026 does not reach FRA yet—their full retirement age remains 67.

This matters because FRA is the reference point used to calculate reductions for early claiming and increases for delaying benefits.

How Claiming Early Affects Your Benefits

Many people consider claiming Social Security as soon as they become eligible at age 62. While this provides income sooner, it also permanently reduces your monthly benefit.

For someone with a Full Retirement Age of 67, claiming at age 62 results in a benefit that is about 30% lower than the full retirement benefit. The reduction remains for the rest of your life.

Claiming early is not automatically the wrong choice. Some people may benefit from starting sooner because of financial needs, health considerations, or other personal circumstances. The important thing is understanding the long-term impact.

If you claim Social Security before reaching FRA and continue working, the Retirement Earnings Test may apply. If your earnings exceed the annual limit, some benefits may be temporarily withheld. Once you reach FRA, your benefits are no longer reduced because of your earnings.

How Delaying Benefits Can Increase Your Income

Waiting beyond your Full Retirement Age can increase your monthly Social Security benefit.

Social Security provides delayed retirement credits that increase benefits by about 8% per year for each year you wait past FRA, up to age 70. For someone with an FRA of 67, waiting until age 70 can increase the monthly benefit to about 124% of the FRA amount.

Delaying benefits may be especially helpful for people who expect a longer retirement, want to maximize guaranteed income, or are coordinating benefits with a spouse.

Choosing the Right Time to Claim

There is no single best claiming age for everyone. The right choice depends on your financial situation, health, family circumstances, and retirement goals.

Important factors to consider include:

• Life expectancy: People who expect to live longer may benefit from waiting.
• Spousal benefits: Married couples may want to coordinate their claiming strategies.
• Financial needs: Some people need income sooner and may choose to claim earlier.
• Overall retirement plan: Social Security is only one part of your retirement income.

The decision often comes down to a trade-off: receiving smaller payments sooner or waiting for larger monthly payments later.

What This Means for You

If you were born in 1960 or later, plan around a Full Retirement Age of 67.

This affects:

• When you can receive your full Social Security benefit
• How much your benefit may be reduced if you claim early
• How much your benefit may increase if you delay claiming

Understanding your Full Retirement Age now can help you make a more informed retirement decision and avoid surprises when it is time to claim benefits.

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