If you’re planning to retire soon and have been assuming your Full Retirement Age (FRA) is either 65 or 67, you may be surprised to learn that for many Americans, the correct answer lies somewhere in between.
For example, if you were born in 1959, your FRA is actually 66 years and 10 months, which is crucial to know as it could significantly affect your Social Security benefits.
The Social Security Administration (SSA) began raising the FRA decades ago in response to increased life expectancy and the growing number of retirees. The original retirement age of 65 was once standard, but for individuals born after 1937, this age has been gradually increasing.
By July 2025, individuals born in 1959 will reach their own unique retirement milestone: 66 years and 10 months. This means that if you were born in July 1959, your full retirement benefits won’t begin until May 2026, not at age 65 or even at 67. For those born in 1960 or later, the FRA will be 67.
Why Knowing Your Exact FRA Is Important
Understanding your precise Full Retirement Age (FRA) is essential for maximizing your Social Security benefits. If you retire before your FRA, your monthly benefit will be permanently reduced.
For example, if you choose to claim Social Security at age 62, instead of waiting until 66 years and 10 months, you could see a reduction of nearly 30% in your monthly check. Over the course of your retirement, this could add up to tens of thousands of dollars in lost benefits.
On the flip side, delaying your benefits past your FRA can result in higher monthly payments. The Social Security Administration offers a delayed retirement credit that increases your benefit by 8% for every year you delay retirement past your FRA, up until age 70.
This can be a crucial strategy for those who plan to live into their 80s or beyond.
For example, let’s say your monthly benefit at 66 years and 10 months is $2,000. If you delay claiming until age 70, your benefit would increase to approximately $2,480 per month. That’s a meaningful boost, which can be particularly helpful for retirees concerned about outliving their savings.
The Cost of Retiring Too Early
If you mistakenly assume your FRA is 66 or 67 and retire early, you could lose out on valuable benefits. A few months’ difference can have a significant impact on your financial security. Retiring too early without understanding your exact FRA could lead to permanent reductions in your Social Security payments.
How to Find Your Exact FRA
If you’re unsure about your specific FRA, the Social Security Administration offers a free online tool that calculates it based on your date of birth. Additionally, you can create a “my Social Security” account at SSA.gov to track your benefits and get a personalized estimate of your payments.
Knowing your exact Full Retirement Age (FRA) is one of the most important factors in determining how much you will receive in Social Security benefits. If you’re planning to retire soon, don’t just assume your FRA is 65 or 67—check the specific month for your birth year.
If you plan to delay claiming, the delayed retirement credits can boost your payments significantly. If you’re planning to claim early, it’s essential to understand the permanent reductions that come with it. Planning carefully can make a huge difference in your retirement income and financial security for the future.
