Social Security Retirement Age Increase Begins In 2026: What You Need to Know

Americans looking forward to starting their new lives after retirement may need to reconsider, as the latest Social Security retirement age could require them to work longer to maximize their benefits.

The new retirement age will be set at 67 years old starting in 2026, The Independent reported, marking the first time it has reached this level since the agency’s inception 90 years ago.

When was the Social Security Act signed into law?

In 1935, President Franklin D. Roosevelt signed the Social Security Act into law, establishing an insurance program to provide workers aged 65 and older with steady retirement income, per The Independent.

Is Social Security ending soon?

While some Americans may be anticipating retirement soon, recent reports warn that the main Social Security trust funds could run out of money by 2034, a year earlier than expected, according to the Social Security Board of Trustees’ annual report.

“Trust fund depletion dates are a common way of tracking the status of the trust funds since, if annual income is not sufficient, full scheduled benefits in the law cannot be paid after trust fund reserves are depleted,” the report states.

As Blavity reported, the average retirement age is 65; however, the official retirement age was gradually increased to 67 under the 1983 amendment to the Social Security Act. The agency calculates the retirement age using a person’s birth year.

Here’s everything you need to know about the Social Security retirement age and how your birth year could determine the amount you receive each month.

Social Security retirement benefits by age

Americans can start receiving benefits as early as age 62, although they are permanently reduced. Those born in 1960 or later will have a full retirement age of 67; delaying retirement until age 70 further increases monthly benefits.

The earliest age to claim Social Security benefits is 62, but doing so results in a reduced payout, which is 70% of the full benefit, or about $1,260 per month, according to The Independent.

At age 65, retirees can receive approximately 87% of their full benefit, or $1,560 per month.

Those who retire at the full retirement age of 67 qualify for the full benefit amount of $1,800 per month.

If some wait until 70, the monthly payments increase to around $2,232, or 124% of the base benefit.