A record number of Americans are turning 65 years old each year through 2027, but to receive full Social Security benefits, that’s not quite old enough.

In 1983, Congress passed a law to gradually raise the full retirement age (FRA) to 67 from 65 because people are living longer and the move could help stretch out dwindling Social Security funds. This year, 67 officially becomes the milestone you need to reach to receive your full benefit if you were born in 1960 or later.

Everyone can start receiving reduced Social Security benefits as early as age 62, but waiting until full retirement age will fetch you a bigger monthly check. Since that age has been rising slowly for years, knowing exactly when you hit that benchmark can be key to figuring out how to maximize your Social Security benefit for yourself and your survivors.

Waiting at least to your FRA not only ensures someone receives 100% of their personal benefits, "but it also means your spouse may receive higher spousal and/or survivor benefits," said Ben Rizzuto, wealth strategist at Janus Henderson Investors.

How do you calculate full retirement age?

The year and month you reach full retirement age depends on the year you were born.

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In 2025,

• If you were born between 1943-1954, FRA is 66 years.
• If you were born in 1955, FRA is 66 years and two months.
• If you were born in 1956, FRA is 66 years and four months.
• If you were born in 1957, FRA is 66 years and six months.
• If you were born in 1958, your FRA is 66 years and eight months.
• If you were born in 1959, your FRA is 66 years and 10 months.
• If you were born in 1960 or later your FRA is 67 years.

You can also use the Social Security Administration’s (SSA) tool to calculate your FRA by entering your birthday.

Note:  Persons born on January 1 of any year should refer to the full retirement age for the previous year.

What if I take Social Security earlier than full retirement age?

You can receive Social Security retirement benefits as early as age 62, but your benefit will be reduced. The amount of the reduction depends on how far you are from FRA. Benefits are reduced a small percentage for each month before your full retirement age.

For example, if you turn age 62 in 2025, your benefit would be about 30% lower than it would be if you wait for your FRA at 67 years.

Some personal finance experts like Dave Ramsey say people should consider taking Social Security early, at 62 years, and investing that money. Even though the amount of each check is lower, investing it in the stock market, which averages an annual return of 10%, could make up for that loss and more.

Some people may retire early because of health problems. In those cases, SSA  suggests applying for Social Security disability benefits. The disability benefit amount is the same as a full, unreduced retirement benefit. At your FRA, the disability benefit becomes your Social Security benefit.

What if I take Social Security later than full retirement age?

For every full year beyond your FRA you wait to take Social Security, your benefit will increase 8% until age 70.

"This is where a lot of value can be gained by waiting to file for benefits,"Rizzuto said. "In order to do this, however, someone needs to make sure they have assets and income to use after they retire and before they take Social Security."

Or if you continue to work beyond your FRA, each extra year you work adds another year of earnings to your Social Security record. Higher lifetime earnings can mean higher benefits when you retire, the SSA said.

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When do most people start receiving Social Security?

Although Social Security benefits rise with age up until 70, most people still begin receiving their benefits early, according to a 2024 Employee Benefit Research Institute (EBRI) survey.

The median retirement age is 62, despite people’s best intentions to wait until at least 65, EBRI said. The median age at which people are collecting Social Security is 64, even though the median age workers intend to begin collecting is age 65, it said.

Each year the survey is taken, EBRI said it consistently finds a large percentage of retirees leave the work force earlier than planned. In the 2023 survey, 35% of respondents said they retired earlier than planned because of a hardship, such as a health problem or disability. Another 31% retired due to changes at their company, and about 35% said they did so because they could afford to.

What is the average Social Security benefit?

The estimated average amount changes monthly, but in January 2025, it was $1,976, SSA said.

In 1975, the average benefit was $207.

This story has been updated with new information.

Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.