Millions of Americans could see bigger Social Security checks starting this month, thanks to a major rule change kicking in this May. If you’re nearing retirement, or already collecting, this update might mean more money in your pocket, depending on your age and timing.
Here’s what’s changing: The Social Security Administration (SSA) has officially adjusted the Full Retirement Age (FRA) for anyone born in 1959. That means those individuals now qualify for 100% of their benefits once they turn 66 years and 10 months, starting between March 2025 and January 2026, depending on birth month.
This increase follows a decades-long phased plan that began in the 1980s to gradually raise the retirement age. The adjustment reflects changes in life expectancy and aims to keep the Social Security program solvent.
Why this matters: Waiting to claim your Social Security benefits until your full retirement age ensures you get 100% of what you’ve earned. Claiming early, as soon as age 62, can shrink your checks by nearly 30%. In fact, people born in 1959 who claim benefits this year at 62 would see up to 29.17% less per check than if they waited until their FRA.
But that’s not the only strategy. Financial experts say waiting until 70 maximizes your payout. Thanks to something called delayed retirement credits, your benefits continue to grow each year past your FRA, up to a whopping 124% of your base amount at age 70.
Gal Wettstein, a senior research economist at Boston College, says the data backs up waiting. “When you look at averages, you’re better off postponing until as late as possible,” he explained to USA Today.
Still, many Americans don’t wait. A Bankrate study found most people take their benefits as soon as they turn 62, either because they need the money or they don’t expect to live long enough to make waiting worth it.
Here’s the problem: With SSA trust funds projected to dry up by 2035, some people are scared their full benefits won’t be around later. That fear, combined with insufficient savings, often leads people to cash in early, even if it means less money long term.
Meanwhile, a “Fairness” benefit increase promised to around 1 million Americans is still missing in action this month. And backlogs continue to frustrate seniors. One woman recently learned her application might not be reviewed for 230 days.
If you’re looking to boost your income beyond Social Security, now’s the time to explore options like a 401(k) or IRA. Shannon Benton from the Senior Citizens League says starting early and maximizing employer matches can go a long way. “Don’t rely on Social Security alone,” she advises.
Bottom line: If you were born in 1959, your full retirement age is now officially 66 and 10 months. Wait if you can. It could mean hundreds more in your monthly check, and more stability in your later years.
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