3. Full Retirement Age Is Now 67—Permanently

For anyone born in 1960 or later, full retirement age (FRA) officially reaches 67 in 2026. This completes a gradual phase-in that began in 1983, when Congress passed legislation to slowly raise FRA from 65 over several decades.

FRA is the age at which you receive 100% of your calculated Social Security benefit. Claiming before it means a permanent reduction; waiting past it earns you delayed retirement credits of 8% per year up to age 70.

If you were born in 1960, you turn 66 in 2026—meaning your FRA year is 2027. But if you were born in 1959 or earlier, your FRA may already be behind you. And for anyone born in 1961 or later, your FRA has always been 67. The era of FRA being 65 or 66 is now fully closed.

If you are still deciding when to claim, the FRA permanence matters. Claiming at 62 now means a permanent 30% reduction from your age-67 benefit. Waiting until 70 earns you 24% more than your FRA benefit—for life.