In November 2026, the Social Security Administration will complete a transition that began before many current workers were born. The full retirement age (FRA) for collecting Social Security benefits will reach 67 for everyone born in 1960 or later—the culmination of a 42-year-long shift that began with the 1983 amendments to the Social Security Act.

For anyone planning retirement today, this milestone is more than historical trivia. It affects benefit calculations, claiming strategies, and the fundamental economics of retirement planning.

Understanding the Full Retirement Age

The full retirement age is the age at which you can claim your full Social Security benefit without any reduction. Claim earlier, and your benefits are permanently reduced. Wait past FRA (up to age 70), and your benefits are permanently increased.

When Social Security was created in 1935, the FRA was set at 65. This made sense when life expectancy was much shorter and fewer workers reached their sixties. But as Americans lived longer, the math became increasingly strained.

The 1983 Reforms

The 1983 amendments, signed by President Reagan, gradually increased the FRA from 65 to 67 over several decades. The increase was phased in slowly to give workers time to adjust their retirement plans:

  • Born 1937 or earlier: FRA remained 65
  • Born 1938-1942: FRA increased gradually from 65 and 2 months to 65 and 10 months
  • Born 1943-1954: FRA set at 66
  • Born 1955-1959: FRA increased gradually from 66 and 2 months to 66 and 10 months
  • Born 1960 or later: FRA set at 67

In November 2026, the last phase-in completes. From that point forward, everyone claiming Social Security will have an FRA of 67 (assuming no future legislation changes this).

What This Means for Your Benefits

The higher FRA is effectively a benefit cut. A worker born in 1960 who claims at 62 receives only 70% of their full benefit—compared to 75% for someone born in 1954 claiming at the same age under the 66 FRA.

"The FRA reaching 67 marks the final step in a gradual schedule to increase the retirement age, initiated by the 1983 amendments to the Social Security Act."

— Social Security Administration

For many workers, this means working longer or accepting lower benefits. Those who plan to claim at 62 regardless should understand they're accepting a larger reduction than previous generations faced.

Six Other Major Social Security Changes in 2026

The FRA milestone is just one of several significant Social Security changes taking effect this year:

1. Cost-of-Living Adjustment (COLA)

Social Security beneficiaries received a 2.8% COLA for 2026. The average retirement benefit rose by about $56 per month, from $2,015 to $2,071. Married couples see an average increase of $88, raising their monthly benefit to $3,208.

2. Earnings Limits

If you're collecting Social Security while still working before FRA, the earnings limit matters. For 2026:

  • Under FRA all year: $24,480 annual limit ($1 deducted per $2 earned over limit)
  • Year you reach FRA: $65,160 limit until the month you turn FRA ($1 deducted per $3 over limit)
  • At or past FRA: No earnings limit

3. Wage Base Increase

The maximum amount of earnings subject to Social Security tax increased from $176,100 to $184,500. Workers earning above this threshold pay Social Security tax only on the first $184,500.

4. Work Credits

The value of a single work credit rose to $1,890, up from $1,810 in 2025. You need 40 credits (equivalent to 10 years of work) to qualify for Social Security retirement benefits.

5. Medicare Part B Impact

Medicare Part B premiums increased to $201.90 per month, up $17.90 from 2025. Since Part B is typically deducted from Social Security checks, this effectively reduces the COLA increase from $56 to about $38 for most beneficiaries.

6. New Senior Deduction

A new senior deduction of up to $6,000 will help offset federal taxes on Social Security benefits at tax time, providing some relief to beneficiaries who pay income tax on their benefits.

Claiming Strategies in the 67 FRA Era

With the FRA now at 67 for younger workers, claiming strategies require updated thinking:

Claim at 62: You receive 70% of your full benefit—a 30% reduction. This makes sense if you have health issues, can't work, or need the income desperately. It's also mathematically optimal if you don't expect to live past your mid-70s.

Claim at 67 (FRA): You receive 100% of your benefit. This is often the default choice, but not necessarily optimal.

Delay to 70: You receive 124% of your benefit—an 8% increase per year from 67 to 70. Delaying is generally optimal if you're healthy, can afford to wait, and expect to live into your 80s.

The Break-Even Math

The break-even age between claiming at 67 versus 70 is typically around 82-83. If you live longer, delaying was the better choice. If you die earlier, claiming at FRA would have been optimal. Given current life expectancies, most healthy individuals benefit from delay.

The Bigger Picture

The FRA increase to 67 was a necessary adjustment given demographic realities, but it's likely not the last. The Social Security trust fund is projected to face shortfalls in the 2030s, which could lead to benefit cuts, tax increases, or further FRA adjustments.

For younger workers, it's prudent to plan conservatively—assuming that Social Security may provide less than current projections suggest. This doesn't mean Social Security will disappear, but it may be modified in ways that reduce benefits relative to what current retirees receive.

Action Steps for 2026

  • Review your Social Security statement: Available at ssa.gov, it shows your projected benefits at different claiming ages
  • Consider your longevity: Family history and personal health should inform claiming decisions
  • Coordinate with spouse: Married couples have complex optimization opportunities
  • Factor in taxes: Take advantage of the new senior deduction and understand how benefits are taxed
  • Plan for Medicare: The Part B premium increase affects your net income

The completion of the FRA transition marks the end of one chapter in Social Security's evolution, but certainly not the end of the story. Understanding these changes—and planning accordingly—is essential for anyone approaching retirement in the years ahead.