These changes were mandated by Congress in 1983 as part of a law that strengthened Social Security's finances. Congress cited improvements in the health of older people and increases in life expectancy as reasons for raising the retirement age.
Currently, 66 is the full retirement age for people born between 1943 and 1954. Starting with people born in 1955, it will inch upward, rather than jumping right to 67. A person born in 1955 will have to be 66 and 2 months to be considered at FRA, someone born in 1956 will have to be 66 and 4 months, and so on. A person born in 1960 or later will reach FRA at 67.
Keep in mind
- Raising the age further is one of many possible reforms to Social Security that has come up for debate in Washington. AARP's Public Policy Institute has more information on potential changes in Social Security policy.
Updated September 30, 2020