Full Retirement Age (FRA)
What Is Full Retirement Age (FRA)?
Full Retirement Age (FRA) is the age at which an individual becomes eligible to receive 100% of their Social Security retirement benefits based on their earnings record. FRA is determined by birth year and represents the point when benefits are neither reduced for early claiming nor increased for delayed retirement.
For many people today, FRA falls between 66 and 67 years old, depending on when they were born.
Why It Matters
The age at which someone claims Social Security benefits significantly affects the amount they receive. Claiming before FRA results in permanently reduced benefits, while delaying benefits beyond FRA may increase monthly payments.
Understanding FRA helps individuals decide the best time to begin receiving Social Security.
How Full Retirement Age Works
The Social Security Administration assigns FRA based on birth year.
Examples:
- Born 1955 → FRA is 66 and 2 months
- Born 1960 or later → FRA is 67
Individuals may begin claiming benefits as early as age 62, but payments will be reduced. Delaying benefits beyond FRA may increase monthly payments through delayed retirement credits.
Full Retirement Age vs Early Retirement
- Full Retirement Age provides full benefits.
- Early retirement allows benefits earlier but reduces the monthly payment amount.
FAQs About Full Retirement Age
Can someone work while receiving benefits at FRA?
Yes. Once FRA is reached, there is no earnings limit affecting benefits.
Is FRA the same for everyone?
No. It varies depending on birth year.
Does delaying benefits after FRA increase payments?
Yes, delayed retirement credits increase benefits until age 70.
Related Terms
- Social Security Benefits
- Early Social Security Benefits
- Delayed Retirement Credits
- Primary Insurance Amount (PIA)
- Retirement Age
