Remember that there are always exceptions to any changes to Social Security rules. The Social Security Administration website, SSA.gov, should always be consulted. You can access your Social Security account online to view details about your benefits.
What makes being 67 special? This serves as the complete retirement age for many people, or the age at which you can start collecting your full retirement benefit.
Social Security Payments Qualification
You can take early retirement and receive a portion of your benefits. Your benefits will increase to the entire amount after you attain FRA, according to SSA.gov. Your PIA, or primary insurance amount, is that sum.
Your FRA is 66 years old if you were born between 1943 and 1954. According to the figure below, it steadily rises depending on the year you were born. If you were born in 1960 or after, you can retire at age 67.
| Year of Birth | Full Retirement Age |
| 1943 – 1954 | 66 |
| 1955 | 66 and 2 mos. |
| 1956 | 66 and 4 mos. |
| 1957 | 66 and 6 mos. |
| 1958 | 66 and 8 mos. |
| 1959 | 66 and 10 mos. |
| 1960 or later | 67 |
For those who were born between 1945 and 1956, FRA begins at age 66 and increases by two months. Those who were born in 1962 or after can retire at age 67.
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How Could Your Benefits Change?
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You might be interested in seeing how much your benefits will be diminished if you file before reaching full retirement age. The response is that it depends. For individual retirement benefits, spousal benefits, and survivor benefits, the percentages vary.
The table below illustrates the percentage of benefits you’ll receive between years 60 and 70 if your full retirement age is 67.
But there is also good news. You will earn 124% of your entire benefit amount, which is a sizable increase if you wait until you are 70 to apply for Social Security.
Benefits will be reduced each month until you reach full retirement age. During the 36 months prior to reaching full retirement age, you will lose 5/9 of 1% of your benefits each month. You will lose 5/12 of 1% of your pension at any point before the 36-month mark before full retirement age.
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