In response to changing demographics and increasing life expectancy, a law passed in 1983 gradually raises the age for receiving full Social Security benefits, impacting future retirees.
Beginning with those born in 1938, each subsequent birth year sees an increase of two months, leading to a full retirement age of 67 for those born in 1960 or later.
While most Americans think of retirement at 65, the actual age for full Social Security benefits is steadily increasing, now the full age reaches 66 years and 10 months for those born in 1959.
Individuals can choose to claim their Social Security benefits early at age 62, but this results in a significant reduction in monthly payments, prompting many to consider delaying until 70.
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