By Michael Henley, CFP®, CPWA®, CRPC®, RMA®
Your Social Security full retirement age (FRA) is the age at which you become eligible to receive 100% of your earned benefit — and it is determined entirely by the year you were born. For anyone born in 1960 or later, that age is 67. For those born between 1943 and 1954, FRA is 66, and it phases upward in two-month increments for birth years 1955 through 1959. In November 2026, the final cohort in that phase-in schedule — people born in 1960 — will reach FRA for the first time. This completes a gradual transition set in motion more than 40 years ago by the 1983 Social Security Amendments.
If you are approaching retirement or already in it, this is not a new rule — it is a long-scheduled milestone. But it is a good reason to revisit exactly what full retirement age means, how the phase-in has worked, and how the claiming decision fits into a coordinated retirement income plan.
What Is Full Retirement Age?
Full retirement age is the benchmark the [Social Security Administration](https://www.ssa.gov/benefits/retirement/planner/agereduction.html) uses to calculate your benefit. Claim before FRA and your monthly benefit is permanently reduced. Delay past FRA and you earn delayed retirement credits — an 8% increase for each full year you wait, up to age 70. Claim exactly at FRA and you receive the benefit amount shown on your Social Security statement.
The key word in all of this is permanently. Whether you claim early or late, the adjustment to your monthly amount lasts for your lifetime — and, in many cases, affects a surviving spouse's benefit as well. That permanence is what makes the claiming decision one of the most consequential choices in a retirement income plan.
Social Security Full Retirement Age by Birth Year
The table below reflects the current, legislated full retirement age schedule from the Social Security Administration. These figures are sourced from SSA's [Retirement Benefits booklet (Pub. No. 05-10035, January 2026 edition)](https://www.ssa.gov/pubs/EN-05-10035.pdf) and the [SSA retirement planner](https://www.ssa.gov/benefits/retirement/planner/agereduction.html), and reflect already-enacted law.
| Year of Birth | Full Retirement Age |
|---|---|
| 1943 – 1954 | 66 |
| 1955 | 66 and 2 months |
| 1956 | 66 and 4 months |
| 1957 | 66 and 6 months |
| 1958 | 66 and 8 months |
| 1959 | 66 and 10 months |
| 1960 and later | 67 |
Important notes from the SSA: If you were born on the 1st of any month, the SSA considers you to have reached your age on the last day of the previous month. If you were born on January 1, refer to the row for the prior birth year when reading the table above. Source: [Social Security Administration — Full Retirement Age](https://www.ssa.gov/benefits/retirement/planner/agereduction.html); [SSA Pub. No. 05-10035 (Jan. 2026)](https://www.ssa.gov/pubs/EN-05-10035.pdf).
How Social Security Retirement Age Has Changed — And Why
For most of Social Security's history, full retirement age was 65. The [1983 Social Security Amendments](https://www.ssa.gov/history/1983amendments.html) — legislation passed by Congress and signed into law over four decades ago — gradually increased FRA to 67 for workers born in 1960 and later. The phase-in was designed to be slow and predictable: two months per birth year, over a span of five birth years.
That phase-in is now complete. Beginning with those born in 1960 (who turn 67 in 2027), every new cohort of retirees enters retirement with a full retirement age of 67. This is not a recent legislative change, a new proposal, or a surprise. It is the final step in a plan that has been on the books since 1983.
What has not changed: you can still claim Social Security as early as age 62, but your benefit is permanently reduced by up to 30% (for those with an FRA of 67). Alternatively, if you delay claiming past FRA, your benefit grows by 8% per year up to age 70, after which no additional credits accrue. This claiming window — from 62 to 70 — creates a meaningful range of potential outcomes that interact directly with the rest of your financial plan.
A few 2026 figures worth knowing as you plan (source: [SSA COLA fact sheet](https://www.ssa.gov/benefits/retirement/planner/ageincrease.html)):
- 2026 COLA: 2.8% — the annual cost-of-living adjustment applied to benefits.
- Earnings limit (if you claim before FRA and continue working): $24,480 per year if you are under FRA for the entire year; $65,160 in the year you reach FRA. Benefits above these limits are temporarily withheld — not lost — and recalculated upward once you reach FRA. There is no earnings limit once you reach full retirement age.
- Maximum taxable earnings base: approximately $184,500 for 2026, meaning wages up to this amount are subject to Social Security payroll taxes.
Why the "Right" Claiming Age Isn't a Standalone Decision
This is where most of the planning complexity lies. The claiming-age decision doesn't happen in isolation. It intersects with several other moving parts of a retirement income plan.
Tax Bracket Management and Roth Conversions
The years between retirement and when you begin Social Security — or between FRA and age 70 if you're delaying to maximize your benefit — can be a window of relatively low taxable income. For many households, this is the optimal time to complete [Roth conversions](/insights/everyone-is-talking-about-roth-conversions-heres-why): moving money from pre-tax IRAs into Roth accounts at lower rates before RMDs and Social Security benefits push income higher. Once Social Security begins, up to 85% of your benefit may be included in taxable income depending on your combined income — so the timing of when you claim directly affects how much tax you pay on every distribution from your retirement accounts going forward.
Medicare and IRMAA Timing
Medicare eligibility still begins at age 65 — two years before FRA for anyone born in 1960 or later. That gap matters. If you retire at 63 or 64, you may need to bridge to Medicare coverage, and once enrolled, the income-related monthly adjustment amounts (IRMAA) for Medicare Part B and Part D can add hundreds of dollars per month in premiums if your prior two years of income crossed certain thresholds. Social Security income counts toward those thresholds. Planning the timing and size of your Social Security benefit, Roth conversions, and IRA withdrawals together — with IRMAA brackets in view — can potentially preserve meaningful income over time.
Coordinating Multiple Income Streams
For clients of Brandywine Oak, the Social Security claiming decision is one layer within a broader Family Wealth Plan. As an independent fiduciary firm with integrated private wealth management and in-house private tax advisory under one roof, Brandywine Oak's credentialed, multidisciplinary team is structured to evaluate these decisions together rather than in isolation. The question of when to claim is really a question about sequencing: in what order, and from which accounts, do you draw income to fund your retirement years? That sequencing determines your tax exposure, your Medicare costs, the pace at which you preserve or spend tax-deferred assets, and the legacy you eventually leave. For families working with a [private tax advisory](/private-tax-advisory) team alongside their wealth advisor, these decisions can be modeled together with the full picture in view — rather than evaluated separately at the moment of enrollment.
For pre-retirees and those already in retirement managing these layers, the dedicated planning resources at Brandywine Oak's [retirees and pre-retirees practice](/retirees) are built to coordinate exactly these kinds of decisions: Social Security timing, tax bracket planning, Medicare transitions, and the sequencing of retirement income across accounts.
What We Don't Know — And What We're Not Saying
This article addresses only what is currently legislated and in effect. We are not speculating about the future of Social Security, potential changes to benefit levels, or program solvency. Those are legitimate policy discussions, but they involve a degree of uncertainty that belongs outside a retirement plan's core assumptions. For planning purposes, the rules above — the FRA schedule, the early claiming reduction, the delayed credit structure — reflect current law as enacted.
If and when Congress acts to change any element of the Social Security program, your advisor should help you revisit your plan in light of those actual changes, not hypothetical ones.
Frequently Asked Questions
What is the Social Security full retirement age if I was born in 1960?
If you were born in 1960 (and not on January 1), your full retirement age is 67. You will reach FRA in 2027. Source: [SSA.gov](https://www.ssa.gov/benefits/retirement/planner/agereduction.html).
Has Social Security retirement age changed recently?
No new change has occurred. The current FRA schedule was established by the 1983 Social Security Amendments. The final step in that schedule — FRA reaching 67 for those born in 1960 and later — is completing now. This has been the plan since 1983.
Can I still claim Social Security at 62?
Yes. You can claim as early as age 62, but your monthly benefit will be permanently reduced. For those with an FRA of 67, claiming at 62 results in a reduction of up to 30% of your full benefit amount. The tradeoff between claiming early (more years of benefits, lower monthly amount) and claiming later (fewer years, higher monthly amount) is highly individual and depends on your health, income needs, tax situation, and overall financial plan.
What happens if I delay Social Security past full retirement age?
For every full year you delay past FRA (up to age 70), your benefit increases by 8%. No additional credits are earned after age 70, so there is no financial advantage to delaying beyond that point.
Putting It Together: A Decision Worth Getting Right
Social Security is almost always one of the largest lifetime income assets a retiree holds. The difference between claiming at 62 versus 70 can represent tens of thousands of dollars over a lifetime — or more, when a surviving spouse's benefit is factored in. And because the decision is largely irrevocable, it is worth evaluating carefully, in context, with the full shape of your retirement income plan visible.
If you have questions about how Social Security fits into your broader retirement plan — including how the timing of your claim interacts with your tax situation, Medicare planning, and the sequencing of your retirement income — we would welcome the conversation.
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About Michael
Michael Henley is the Founder and CEO of Brandywine Oak Private Wealth, a private wealth management and registered independent advisory firm headquartered in Kennett Square, PA. Over the course of his 20-year career, Michael has been dedicated to helping wealthy individuals and families plan and manage all aspects of their finances and investments. With a passion for helping others look behind the curtain and understand the complex world of finance, he develops close relationships with clients as he helps them progress toward their financial goals. Michael loves to provide clarity and alleviate financial anxiety, help prevent families from overpaying in taxes, and give wealthy families permission to enjoy their life savings. He says, "No work is more gratifying than giving families outcomes to what matters most to them."
Michael holds the CERTIFIED FINANCIAL PLANNER®, Certified Private Wealth Advisor®, Chartered Retirement Planning Counselor℠, and Retirement Management Advisor® designations. Residing in Chadds Ford, PA, with his two children, he enjoys outdoor activities, particularly maintaining trails on his property, hiking with his dogs, and being an actively engaged dad, always taking his kids everywhere. Michael's latest hobby is tennis, and he recently started ice skating to join his daughter Savannah. He can also be found moving logs to the firepit with his son Maverick on the tractor. Michael serves on the board of United Way of Southern Chester County and loves mentoring younger advisors. Great mentors helped him succeed, and he's convinced that every leader needs to both have mentors and be a mentor. To learn more about Michael, connect with him on LinkedIn.
Brandywine Oak Private Wealth is a registered investment adviser. Registration does not imply a certain level of skill or training. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.
