{ "id": "R44670", "type": "CRS Report", "typeId": "R", "number": "R44670", "active": true, "source": "CRSReports.Congress.gov, EveryCRSReport.com", "versions": [ { "source_dir": "crsreports.congress.gov", "title": "The Social Security Retirement Age", "retrieved": "2022-08-17T04:03:50.566431", "id": "R44670_13_2022-07-06", "formats": [ { "filename": "files/2022-07-06_R44670_a0f2d07d39269dbb280ba60cae6a2f64c30a7cd3.pdf", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/R/R44670/13", "sha1": "a0f2d07d39269dbb280ba60cae6a2f64c30a7cd3" }, { "format": "HTML", "filename": "files/2022-07-06_R44670_a0f2d07d39269dbb280ba60cae6a2f64c30a7cd3.html" } ], "date": "2022-07-06", "summary": null, "source": "CRSReports.Congress.gov", "typeId": "R", "active": true, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=R44670", "type": "CRS Report" }, { "source_dir": "crsreports.congress.gov", "title": "The Social Security Retirement Age", "retrieved": "2022-08-17T04:03:50.565855", "id": "R44670_12_2021-01-08", "formats": [ { "filename": "files/2021-01-08_R44670_c663b6b3c16dd716fd9295b0d2c33cbdd435c59a.pdf", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/R/R44670/12", "sha1": "c663b6b3c16dd716fd9295b0d2c33cbdd435c59a" }, { "format": "HTML", "filename": "files/2021-01-08_R44670_c663b6b3c16dd716fd9295b0d2c33cbdd435c59a.html" } ], "date": "2021-01-08", "summary": null, "source": "CRSReports.Congress.gov", "typeId": "R", "active": true, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=R44670", "type": "CRS Report" }, { "source": "EveryCRSReport.com", "id": 604943, "date": "2019-09-13", "retrieved": "2019-09-16T22:02:46.848349", "title": "The Social Security Retirement Age", "summary": "The Social Security full retirement age (FRA) is the age at which workers can first claim full Social Security retired-worker benefits. Among other factors, a worker\u2019s monthly benefit amount is affected by the age at which he or she claims benefits relative to the FRA. Benefit adjustments are made based on the number of months before or after the FRA the worker claims benefits. The adjustments are intended to provide the worker with roughly the same total lifetime benefits, regardless of when he or she claims benefits, based on average life expectancy. Claiming benefits before the FRA results in a permanent reduction in monthly benefits (to take into account the longer expected period of benefit receipt); claiming benefits after the FRA results in a permanent increase in monthly benefits (to take into account the shorter expected period of benefit receipt).\nThe FRA was 65 at the inception of Social Security in the 1930s. Under legislation enacted in 1983, the FRA is increasing gradually from 65 to 67 over a 22-year period (for those reaching age 62 between 2000 and 2022). The FRA will reach 67 for workers born in 1960 or later (i.e., for workers who become eligible for retirement benefits at age 62 in 2022). Currently, the FRA is 66 and 6 months for workers who become eligible for retirement benefits in 2019 (i.e., workers born in 1957).\nWorkers can claim reduced retirement benefits as early as age 62 (the early eligibility age). Eligible spouses can also claim reduced spousal benefits starting at age 62. Other dependents, such as widow(er)s, can claim benefits at earlier ages. For workers with an FRA of 66, for example, claiming benefits at age 62 results in a 25% reduction in monthly benefits. For workers with an FRA of 67, claiming benefits at age 62 results in a 30% benefit reduction. A majority of retired-worker beneficiaries claim benefits before the FRA. In 2018, 35% of new retired-worker beneficiaries were age 62; almost 62% were under the age of 66. \nWorkers who delay claiming benefits until after the FRA receive a delayed retirement credit, which applies up to the age of 70. For workers with an FRA of 66, for example, claiming benefits at age 70 results in a 32% increase in monthly benefits. For workers with an FRA of 67, claiming benefits at age 70 results in a 24% benefit increase. In 2018, about one-fourth (25%) of new retired-worker beneficiaries were age 66; 13% were over the age of 66.\nSome lawmakers have called for increasing the Social Security retirement age in response to the system\u2019s projected financial imbalance, citing gains in life expectancy for the population overall. Other lawmakers, however, express concern that increasing the retirement age would disproportionately affect certain groups within the population, citing differences in life expectancy by socioeconomic groups. Differential gains in life expectancy are important in the context of Social Security because the actuarial adjustments for claiming benefits before or after the full retirement age are based on average life expectancy. Proposals to increase the retirement age are also met with concerns about the resulting hardship for certain workers, such as those in physically demanding occupations, who may be unable to work until older ages and may not qualify for Social Security disability benefits. For an in-depth discussion of potential changes in the Social Security retirement age in the context of life expectancy trends, see CRS Report R44846, The Growing Gap in Life Expectancy by Income: Recent Evidence and Implications for the Social Security Retirement Age.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R44670", "sha1": "4cf6ec034326026bb9e48d9ae1d0e6724ab2aee9", "filename": "files/20190913_R44670_4cf6ec034326026bb9e48d9ae1d0e6724ab2aee9.html", "images": { "/products/Getimages/?directory=R/html/R44670_files&id=/0.png": "files/20190913_R44670_images_7be30662c26023dc73620e2d18a2e7b0d841abd1.png", "/products/Getimages/?directory=R/html/R44670_files&id=/1.png": "files/20190913_R44670_images_0d028726f3f1275052ae1d3655c1ef1828b0f175.png" } }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R44670", "sha1": "011d2bc92573aa1f572182ad328c5cfd2a9e2cd3", "filename": "files/20190913_R44670_011d2bc92573aa1f572182ad328c5cfd2a9e2cd3.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4796, "name": "Social Security" } ] }, { "source": "EveryCRSReport.com", "id": 593321, "date": "2019-03-07", "retrieved": "2019-04-17T14:04:59.790316", "title": "The Social Security Retirement Age", "summary": "The Social Security full retirement age (FRA) is the age at which workers can first claim full Social Security retired-worker benefits. Among other factors, a worker\u2019s monthly benefit amount is affected by the age at which he or she claims benefits relative to the FRA. Benefit adjustments are made based on the number of months before or after the FRA the worker claims benefits. The adjustments are intended to provide the worker with roughly the same total lifetime benefits, regardless of when he or she claims benefits, based on average life expectancy. Claiming benefits before the FRA results in a permanent reduction in monthly benefits (to take into account the longer expected period of benefit receipt); claiming benefits after the FRA results in a permanent increase in monthly benefits (to take into account the shorter expected period of benefit receipt).\nThe FRA was 65 at the inception of Social Security in the 1930s. Under legislation enacted in 1983, the FRA is increasing gradually from 65 to 67 over a 22-year period (for those reaching age 62 between 2000 and 2022). The FRA will reach 67 for workers born in 1960 or later (i.e., for workers who become eligible for retirement benefits at age 62 in 2022). Currently, the FRA is 66 and 6 months for workers who become eligible for retirement benefits in 2019 (i.e., workers born in 1957).\nWorkers can claim reduced retirement benefits as early as age 62 (the early eligibility age). Spouses can also claim reduced retirement benefits starting at age 62. Other dependents, such as widow(er)s, can claim benefits at earlier ages. For workers with an FRA of 66, for example, claiming benefits at age 62 results in a 25% reduction in monthly benefits. For workers with an FRA of 67, claiming benefits at age 62 results in a 30% benefit reduction. A majority of retired-worker beneficiaries claim benefits before the FRA. In 2017, 37% of new retired-worker beneficiaries were age 62; almost two-thirds (64%) were under the age of 66. \nWorkers who delay claiming benefits until after the FRA receive a delayed retirement credit, which applies up to the age of 70. For workers with an FRA of 66, for example, claiming benefits at age 70 results in a 32% increase in monthly benefits. For workers with an FRA of 67, claiming benefits at age 70 results in a 24% benefit increase. In 2017, almost one-fourth (23%) of new retired-worker beneficiaries were age 66; 12% were over the age of 66.\nSome lawmakers have called for increasing the Social Security retirement age in response to the system\u2019s projected financial imbalance, citing gains in life expectancy for the population overall. Other lawmakers, however, express concern that increasing the retirement age would disproportionately affect certain groups within the population, citing differences in life expectancy by socioeconomic groups. Differential gains in life expectancy are important in the context of Social Security because the actuarial adjustments for claiming benefits before or after the full retirement age are based on average life expectancy. Proposals to increase the retirement age are also met with concerns about the resulting hardship for certain workers, such as those in physically demanding occupations, who may be unable to work until older ages and may not qualify for Social Security disability benefits. For an in-depth discussion of potential changes in the Social Security retirement age in the context of life expectancy trends, see CRS Report R44846, The Growing Gap in Life Expectancy by Income: Recent Evidence and Implications for the Social Security Retirement Age.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "https://www.crs.gov/Reports/R44670", "sha1": "9b8cef0f9ae7ba08018aef7108387a7b2350b5c7", "filename": "files/20190307_R44670_9b8cef0f9ae7ba08018aef7108387a7b2350b5c7.html", "images": { "/products/Getimages/?directory=R/html/R44670_files&id=/0.png": "files/20190307_R44670_images_7be30662c26023dc73620e2d18a2e7b0d841abd1.png", "/products/Getimages/?directory=R/html/R44670_files&id=/1.png": "files/20190307_R44670_images_a3d12e745315511ae47f5382c7a84b7a142ea3bb.png" } }, { "format": "PDF", "encoding": null, "url": "https://www.crs.gov/Reports/pdf/R44670", "sha1": "6cd95e70b8ce4466786def058790b0216eb16fc6", "filename": "files/20190307_R44670_6cd95e70b8ce4466786def058790b0216eb16fc6.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4796, "name": "Social Security" } ] }, { "source": "EveryCRSReport.com", "id": 585077, "date": "2018-02-28", "retrieved": "2018-10-06T00:36:47.756019", "title": "The Social Security Retirement Age", "summary": "The Social Security full retirement age (FRA) is the age at which workers can first claim full Social Security retired-worker benefits. Among other factors, a worker\u2019s monthly benefit amount is affected by the age at which he or she claims benefits relative to the FRA. Benefit adjustments are made based on the number of months before or after the FRA the worker claims benefits. The adjustments are intended to provide the worker with roughly the same total lifetime benefits, regardless of when he or she claims benefits, based on average life expectancy. Claiming benefits before the FRA results in a reduction in monthly benefits (to take into account the longer expected period of benefit receipt); claiming benefits after the FRA results in an increase in monthly benefits (to take into account the shorter expected period of benefit receipt).\nThe FRA was 65 at the inception of Social Security in the 1930s. Under legislation enacted in 1983, the FRA is increasing gradually from 65 to 67 over a 22-year period (2000-2022). The FRA will reach 67 for workers born in 1960 or later (i.e., for workers who become eligible for retirement benefits at age 62 in 2022). Currently, the FRA is 66 and 4 months for workers who become eligible for retirement benefits in 2018 (i.e., workers born in 1956).\nWorkers can claim reduced retirement benefits as early as age 62 (the early eligibility age). Spouses can also claim reduced retirement benefits starting at age 62. Other dependents, such as widow(er)s, can claim benefits at earlier ages. For workers with an FRA of 66, for example, claiming benefits at age 62 results in a 25% reduction in monthly benefits. For workers with an FRA of 67, claiming benefits at age 62 results in a 30% benefit reduction. A majority of retired-worker beneficiaries claim benefits before the FRA. In 2016, 39% of new retired-worker beneficiaries were age 62; almost two-thirds (66%) were under the age of 66. \nWorkers who delay claiming benefits until after the FRA receive a delayed retirement credit, which applies up to the age of 70. For workers with an FRA of 66, for example, claiming benefits at age 70 results in a 32% increase in monthly benefits. For workers with an FRA of 67, claiming benefits at age 70 results in a 24% benefit increase. In 2016, almost one-fourth (23%) of new retired-worker beneficiaries were age 66; 11% were over the age of 66.\nSome lawmakers have called for increasing the Social Security retirement age in response to the system\u2019s projected financial imbalance, citing gains in life expectancy for the population overall. Other lawmakers, however, express concern that increasing the retirement age would disproportionately affect certain groups within the population, citing differences in life expectancy by socioeconomic groups. Differential gains in life expectancy are important in the context of Social Security because the actuarial adjustments for claiming benefits before or after the full retirement age are based on average life expectancy. Proposals to increase the retirement age are also met with concerns about the resulting hardship for certain workers, such as those in physically demanding occupations, who may be unable to work until older ages and may not qualify for Social Security disability benefits. For an in-depth discussion of potential changes in the Social Security retirement age in the context of life expectancy trends, see CRS Report R44846, The Growing Gap in Life Expectancy by Income: Recent Evidence and Implications for the Social Security Retirement Age.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R44670", "sha1": "c84c6b945ee0ed82bf3bdd3e18a9bea13940ab33", "filename": "files/20180228_R44670_c84c6b945ee0ed82bf3bdd3e18a9bea13940ab33.html", "images": { "/products/Getimages/?directory=R/html/R44670_files&id=/0.png": "files/20180228_R44670_images_7be30662c26023dc73620e2d18a2e7b0d841abd1.png", "/products/Getimages/?directory=R/html/R44670_files&id=/1.png": "files/20180228_R44670_images_14cf53ead83562847e92601fc74256d741ce8671.png" } }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R44670", "sha1": "acfd14dda29b78ef8d4946b5e45befe402076ecd", "filename": "files/20180228_R44670_acfd14dda29b78ef8d4946b5e45befe402076ecd.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4796, "name": "Social Security" } ] }, { "source": "EveryCRSReport.com", "id": 456797, "date": "2016-10-28", "retrieved": "2016-11-21T15:14:38.981470", "title": "The Social Security Retirement Age", "summary": "The full retirement age (FRA) is the age at which workers can claim full Social Security retired worker benefits. The size of the monthly benefits is affected by when the worker claims benefits. The worker\u2019s age when claiming benefits is compared with the FRA, and adjustments are made depending on the number of months before or after the FRA the worker claims benefits. Adjustments for claiming before or after the FRA are intended to result in similar total lifetime benefits, regardless of when the worker claims benefits: retiring before the FRA results in a reduction in monthly benefits (to take into account the longer expected period of benefit receipt) and retiring after the FRA results in an increase in monthly benefits (to take into account the shorter expected period of benefit receipt. The FRA was 65 at the inception of Social Security, but has been gradually increased upwards, to 67 for those born in 1960 or later. Claiming benefits past age 70 does not increase the monthly benefits.\nThe earliest age retired worker beneficiaries may begin receiving benefits is called the early eligibility age (EEA). The current EEA is 62 for retired workers and their spouses; retirement benefits cannot be claimed by workers or spouses prior to 62. Although workers cannot receive retirement benefits prior to the EEA, dependents could be eligible for benefits earlier than age 62 under certain circumstances. In 2015, approximately 40% of new retired worker beneficiaries claimed benefits at age 62. More than half of beneficiaries who claimed retired worker benefits in 2015 claimed before the FRA.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R44670", "sha1": "e1079b2a317f7ea780821933da2f77793ee66eea", "filename": "files/20161028_R44670_e1079b2a317f7ea780821933da2f77793ee66eea.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R44670", "sha1": "8177113e8cdb30503b811d0f7add4d952cc292b3", "filename": "files/20161028_R44670_8177113e8cdb30503b811d0f7add4d952cc292b3.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 4796, "name": "Social Security" } ] } ], "topics": [ "Domestic Social Policy", "Economic Policy" ] }