(NEXSTAR) – Among the changes for Social Security recipients in 2025 is a higher retirement age.
This figure shows the age at which workers become eligible to take 100% of their pension based on lifetime earnings.
For years, the full retirement age was 65, but that changed with legislation passed by Congress in 1983 to gradually raise that number to match life expectancy, according to the Social Security Administration.
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The full, or “normal” retirement age, has been rising slightly in recent years by two months following a birthday.
If you were born in 1958, for example, you would reach full retirement age at 66 years and eight months, but if you were born in the following year that retirement age rises to 66 years and 10 months. Recipients born May 2, 1958 to February 28, 1959 will all reach full retirement age in 2025, AARP says. For those born in 1960 and later, the retirement age will jump to 67.
|
Birth Year |
Full Retirement Age |
Payment From $1,000 Benefit When Taken At 62 |
|
1943-1954 |
66 |
$750 |
|
1955 |
66 and 2 months |
$741 |
|
1956 |
66 and 4 months |
$733 |
|
1957 |
66 and 6 months |
$725 |
|
1958 |
66 and 8 months |
$716 |
|
1959 |
66 and 10 months |
$708 |
|
1960 and later |
67 |
$700 |
Workers can choose not to wait until their full retirement age and start receiving benefits from age 62, but at a reduced rate. Those who can wait until 70 to start taking benefits are given a higher reward.
Among other Social Security changes coming in 2025 are the minimum cost-of-living adjustment at 2.5%, down from 3.4%; an increase in the maximum taxable income from $168 to $177; and appointment-based services at Social Security offices throughout the country.
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