Full Retirement Age Has Slowly Risen For 42 Years in the US, But It Will Finally ‘Cap Out’ This November

An older, more ‘top-heavy’ demographic pyramid has forced global governments to increase “retirement age”, or the age at which citizens can collect pensions or retirement savings. The US has been no different. In 1983, it amended the Social Security Act to raise the “Full Retirement Age” (FRA). This November, that 42-year project will finally be complete.

• Before 1983, the FRA used to be 65 — Congress passed a bill to incrementally increase the FRA for Americans to 67, which will finally be complete this November.
• Americans born after 1960 will have to wait until they’re 67 to receive their full Social Security benefit, accept reduced benefits if they retire early, or delay them for a bigger benefit.

FRA is done rising (for now): Of course, several countries like Denmark, Ireland, and the Netherlands have tied future increases to life expectancy. Given the bipartisan deadlock on Social Security, it’s likely the US will entertain increasing the FRA even more, absent changes to shore up the trust fund.