From 24/7 Wall St. · Maurie Backman · · 1m
Social Security Full Retirement Age Rises to 67
Claiming Social Security at 66 in 2027 cuts lifetime benefits by 6.7%.
In brief
Claiming Social Security at 66 in 2027 cuts lifetime benefits by 6.7%. People born in 1960 or later have Social Security full retirement age at 67, not 66, and claiming one year early reduces monthly benefits by 6.7% for life. Originally reported by 24/7 Wall St..
Full Retirement Age Changes
Social Security full retirement age increased from 66 to 67 for people born in 1960 or later.
Claiming Early Reduces Benefits
People turning 66 in 2027 who claim Social Security one year early face a permanent 6.7% reduction in monthly benefits.
Long-Term Impact
Early claims reduce annual cost-of-living adjustments and survivor benefits for spouses.
Why This Matters
For those relying on Social Security as primary income, a 6.7% reduction could significantly impact retirement finances.
Know Your Full Retirement Age
Understanding your full retirement age prevents filing Social Security too early and losing benefits.
Potential Future Changes
Congress may adjust full retirement age to address Social Security funding shortfalls.
The main idea
People born in 1960 or later have Social Security full retirement age at 67, not 66, and claiming one year early reduces monthly benefits by 6.7% for life.
