(WASHINGTON EXAMINER) – Starting in 2022, Social Security's full retirement age reached its maximum, 67 years old, for those born in or after 1960.
The Social Security Amendments of 1983 made a provision for the full retirement age to increase gradually from 65 to 67 over a 22-year period beginning in 2000. In 2022, the age rose to 67 for future recipients.
People can begin collecting their Social Security benefits when they reach 62, with a penalty, however. When a retiree is more than three years away from turning 67, 5/9 of a percent along with an additional 5/12 of a percent will be deducted each month. When retirees are within 36 months of 67, their benefits are only reduced by 5/9 of a percent.
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