What is Full Retirement Age (FRA)? FRA is the age at which an individual is eligible to receive their full retirement benefits from the Social Security Administration. FRA is determined by birth year. Individuals born between 1943 and 1954 have an FRA of 66. For those born between 1955 to 1960, FRA gradually increases up to 67. And for those born in 1960 or later, FRA is age 67.
How does FRA affect the amount of benefits received? If an individual chooses to start receiving benefits at their Full Retirement Age, they will receive the full amount of benefits to which they are entitled. If they choose to start receiving benefits before their FRA, the amount of benefits will be reduced. And if they choose to delay receiving their benefits (the latest, age 70), their benefit will be increased.
When is the earliest I can receive Social Security benefits? Social Security retirement beneficiaries and their spouses can qualify for benefits at age 62. However, there are other Social Security benefits with their own rules. Widow(er)s may qualify for survivor benefits as early as age 60 or potentially 50 if they are disabled. Financially dependent parents may qualify for survivor benefits at age 62. Disabled workers may qualify for benefits at any age. And children may qualify for benefits at any age as well. Keep in mind, while you may qualify to collect these benefits early, it may reduce your benefit depending on your FRA.
Will Full Retirement Age be increased? The FRA has been increased over time as a result of new legislation. And it may continue to go up. Increasing FRA is a potential solution to help protect the solvency of the Social Security program.
