WASHINGTON (KFYR/Gray News) – The Social Security Administration’s full retirement age is set to increase in 2025.
Social Security is something that many of us rely on or will rely on one day in the future. However, we may have to work a little longer to receive full benefits.
In 2025, the full retirement age will increase to 66 years and 10 months, up from 66 years and 8 months.
Social Security’s full retirement age refers to when workers can start claiming their full benefits.
Financial experts say this is really for people who are deciding whether to take social security at their full retirement age or wait until they get to age 70, as the benefit continues to increase.
“When we’re talking about social security, you get one shot at doing it right, so whether you claim early, whether you claim at your full retirement age, or whether you wait to claim until age 70, make sure it’s right for you and your financial situation,” David Wald, financial advisor, said.
Social Security benefits will also be increasing next year. The Associated Press reports that millions of Social Security recipients will be getting a 2.5% cost-of-living increase.
Copyright 2024 KFYR via Gray Local Media, Inc. All rights reserved.
