in 2026 Fundamental changes are waiting for “Sodra” due to the fact that in 1960 whether the full retirement age (FRA) will increase for people born later. These are higher than in 1983. Part of congressional reform and expected to be the last increase for some time. Below, we’ll break down what you need to know and share how to prepare for the increase.
A person’s FRA is determined by the year they were born. Currently, the full retirement age for anyone born between 1943 and 1959 ranges from 66 to 66 and 10 months. But for people born in 1960 or later, from 2026 that number rises to 67, meaning they won’t be eligible for Social Security pensions until 2027 at the earliest.
From 2021 FRA increases by two months per year, and in 2026 should be the last planned increase, Social Security Administration (SSA) Commissioner Frank Bisignano has hinted at raising the retirement age over the past few months.
In September of this year Bisignano was on Fox News Morning with Mary to discuss all matters Social security. During this interview, host Maria Bartiromo asked Bisignano if he plans to raise the retirement age to help ensure that Social security funds will continue to be available to all Americans.
Bartiromo then responded, “I think everything is under consideration,” indicating that all options to strengthen the program remain on the table.
“Remember, most people told you [Bartiromo] me too Social security Wasn’t around,” continued Bisignano, 66. “So future generations will probably have different rules than we did.
After the interview, SSA spokesperson told Newsweek. that ‘While he [Bartiromo] said that “everything will be considered,” this followed a much more insightful conversation about solvency and how Commissioner Bisignano is making the Social Security Administration easier to reach, more responsive, and better prepared for the challenges of tomorrow.
At the time of publication, there is no official word on whether Bisignano and SSA will receive raises retirement age; therefore, there is no official start date. However, the Social Security Board of Trustees recently announced that the program’s funds will run out until 2033. may be significantly reduced if no major changes are made, such as raising the retirement age.
“To ensure that we serve the public and provide high-quality services to the 185 million people who work and pay Social Security payroll taxes and the 70 million beneficiaries who will receive benefits in 2025, the financial health of the trusts remains a top priority for the Trump administration,” Bisignano said. said in June of this year after the publication of the data. “Congress, along with the Social Security Administration and others committed to eliminating waste, fraud and abuse, must work together to protect and strengthen trust funds for the millions of Americans who rely on them now and in the future for a secure retirement or disability.”
If you were born in 1960, there are a few things you can do to plan for a higher retirement age. This includes not taking Social Security benefits before reaching the FRA because, according to the SSA, “If you start taking benefits early, your benefits will be reduced by a small percentage for each month until full retirement age.”
Also smart: Make sure you have all your Social Security benefits. This can include spousal benefits, widow’s benefits and, in some cases, Supplemental Security Income (SSI), which helps seniors and people with disabilities provide a little extra cash each month.
Keep scrolling for more money news!
Medicare Parts A, B, C, and D Explained: What Coverage Do You Really Need?
In the coming weeks, 8 million Americans will receive an inflation refund check
Student loan shake-up: MOHELA borrowers could be moved to new lenders before the end of the year