Gradual Increase: By 2025, the full retirement age for Social Security will be 67 for those born in 1960 or later.
Aging Population: As life expectancy increases, the U.S. government is adjusting retirement age to account for longer lifespans.
Early Retirement: Individuals can still start claiming Social Security benefits as early as 62, but doing so results in reduced payments.
Delayed Benefits: Delaying Social Security benefits beyond full retirement age (up to age 70) can increase monthly payouts.
Retirement Planning: The shift to 67 could affect how individuals plan for retirement, urging them to save more or work longer.
Retirement Age Flexibility: Many private sector employers and retirement plans may adjust their policies to align with these changes.
Future Changes: There are discussions around further increasing the retirement age in the future, depending on fiscal conditions and demographics.