A record number of Americans are turning 65 each year through 2027. However, that’s not old enough to receive full Social Security benefits. In 1983, Congress passed a law that gradually raised the full retirement age from 65 to 67 to account for longer life expectancies and help sustain Social Security funds. As of this year, 67 is officially the milestone age for full benefits, applying to those born in 1960 or later.
About 1.2 Minnesota residents receive Social Security as of November 2024 according to government statistics. Minnesota exempts some or all federally taxable Social Security benefits from state benefit taxes.
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Everyone can start receiving reduced Social Security benefits as early as age 62. However, waiting until full retirement age results in a larger monthly payment. Since the full retirement age has gradually increased, knowing your specific eligibility age is crucial to maximizing your benefits for yourself and your survivors.
Waiting until full retirement age ensures you receive 100% of your benefits. Additionally, “it also means your spouse may receive higher spousal and/or survivor benefits,” said Ben Rizzuto, wealth strategist at Janus Henderson Investors.
The FRA adjustment is one of five changes to Social Security that took effect in 2025. The others are a cost-of-living adjustment, increased work credit requirements, a higher payroll tax ceiling, and higher earnings test limits.
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Your FRA, also known as normal retirement age, depends on your birth year:
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1943-1954: 66 years.
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1955: 66 years and two months.
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1956: 66 years and four months.
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1957: 66 years and six months.
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1958: 66 years and eight months.
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1959: 66 years and 10 months.
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1960 or later: 67 years.
You can also use the Social Security Administration’s tool to calculate your full retirement age by entering your birthdate. Note: If you were born on Jan. 1 of any year, your full retirement age aligns with the previous year.
Yes, you can claim Social Security benefits as early as age 62, but your benefit will be permanently reduced. The reduction is calculated based on how many months before FRA you begin collecting benefits.
For example, if you turn 62 in 2025, your benefit would be about 30% lower than waiting until 67.
