Starting in November, Social Security’s full retirement age (FRA) will now be 67 for anyone born in 1960 or later. According to an article by MLive.com, this comes after a gradual phase-in. It explains that the “Social Security Amendments of 1983 called for a gradual increase in the FRA over several decades, with the age rising by two months for each birth year.”
Although you can begin collecting Social Security as young as 62, individuals who wait until they reach FRA are entitled to the full amount of their Social Security retirement benefits. And retirees can receive even more money if they wait beyond their FRA to claim benefits The article points out that recipients “can see their monthly benefits increase by 8 percent for each year they delay, up to age 70.”
Council of Seniors is Here to Help Older Americans
Older Americans worked long and hard and deserve to live a comfortable retirement free from financial strain.
All of us here at the Council of Seniors want to improve retirees’ financial futures – and that starts with Congress enacting The SAVE Benefits Act. The passage of this bill can make up for Social Security cost-of-living adjustments (COLAs) that have let you down in recent years. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.