The Social Security Administration (SSA) has announced changes to the minimum retirement age. These changes will start in 2026. They are part of a plan to ensure Social Security has sufficient funds.
People are living longer now. This means they receive Social Security benefits for an extended period. Without changes, Social Security will face financial problems in the future.
Starting in 2026, people born in 1960 or later will have to wait until age 67 to get full benefits. For those born in 1959, the full retirement age will be 66 years and 10 months. If you claim benefits before the full retirement age, your monthly payments will be lower.
For example, if you claim at age 62, your payments will be much lower than if you waited.
Retirement age increases for beneficiaries
When to claim Social Security depends on your health and financial situation.
If you are healthy and have sufficient funds, it may be advisable to wait. If you think you will not live as long, it might be better to claim earlier. It is essential to look at your Social Security statement.
There are also tools to help you estimate your benefits at different ages. This can help you decide when to retire. These changes are the final part of a plan to improve Social Security.
They aim to ensure that Social Security can continue to help people in the future. If you are planning to retire, it is essential to stay informed. Consider how these changes will impact your plans.