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Are you worried about your age? Well, you should because of
the pension system in the United States
. From January 2026, this system, which is regulated by the Social Security Administration under the Social Security Act, is going to change. Certain people will have to wait until the age of 67 to have access to their complete benefits of Social Security. Could you retire before your Full Retirement Age? Of course, but there will be negative economic consequences…
If you are near retirement or you want to plan it, here you will find all the information about the new changes on the retirement age. So, let’s see how this works now.
Changes in the retirement age in the U.S.
Save this date! The 1st of January of 2026, this is when the new age of retirement will change according to the Social Security (SSA), people born in 1960 or later will have to wait until the age of 67 to receive the complete retirement benefit.
This will affect millions of American people who are already planning their retirement, mostly hispanic people.
Why is FRA changing?
The FRA is the Full Retirement Age, this is when someone reaches the age of retiring with complete benefits. Why is it changing? Well, we have to go back to 1983 because this was the time when the United States Congress passed a reform to increase the FRA.
For many years, people could retire at 65 and receive the complete benefit. Now, there are more elderly people and they live longer, so the Social Security system needed to change this in order to have the capacity to keep being sustainable. Imagine the number of 65 year old people increasing and all of them applying for the complete benefits, that might become a crisis.
Check your FRA
The Social Security Administration has made clear the FRA depends on the year you were born, so let’s see what’s yours:
- Born between 1943 and 1954: they have the FRA at 66.
- Born between 1955 and 1959: this people’s FRA will increase a bit every year until it reaches 66 years and 10 months.
- Born in 1960 or later: thay will have the FRA at 67 from January 1st of 2026.
So, no more retiring at the age of 65 and getting your complete retirement benefit, now you will have to wait if you want.
Retiring before your FRA
What happens if you want to retire before your Full Retirement Age? The government allows you to retire once you are 62 years old, so you can do it. However, there are some negative economic consequences.
You will experience a percentage reduction on your benefit, ranging from 25% to 30%. The most important thing is that this reduction is forever, you won’t be able to get the complete retirement benefit even if you start working again.
What if you retire later?
You can also retire after your FRA, and this will have positive consequences: you will receive around 8% more money for each additional year you work after your Full Retirement Age until you reach the age of 70. It doesn’t sound bad if you have the will to keep working, does it?
Plan your retirement
You can go to the SSA website and you will find
‘my Social Security’
section. Here, you can check your FRA, how much money you would receive and your work history. This is very useful for people who are not very sure whether to retire before their FRA or not.
As you can see, we all need to be informed on every Social Security update. We can’t get used to benefits requirements being the same every single year. Aging is a great thing, but we need to see what aid we can receive according to our age.
