If you were born in 1960, 2027 is a bigger year than you might think. You’ll be the first group of Americans whose full retirement age is a flat 67, the end point of a change Congress set in motion back in 1983.
For decades the age crept up a couple of months at a time. People born in 1959 reached full retirement age at 66 and 10 months. For you, it’s 67 on the nose, and it stays at 67 for everyone born after you, unless Congress changes the law again.
That might sound like a technical detail. It isn’t. Your full retirement age decides how much you get if you claim early, how much more you get if you wait, and whether working while you collect will cost you anything. Here’s what you need to know before you make the call.
First, check your birthday
There’s a small quirk here. Social Security treats people born on January 1 as if they were born in the previous year. So if your birthday is January 1, 1960, your full retirement age is actually 66 and 10 months, the 1959 rule. Everyone else born in 1960 reaches it at exactly 67.
How much you get depends on when you claim
You can start benefits any time from 62 to 70. With a full retirement age of 67, here’s roughly what you’d get, as a share of your full benefit. We’ve used a $2,000 full benefit as an example so the numbers are easy to picture:
| Start benefits at | Share of full benefit | On a $2,000 full benefit |
|---|---|---|
| 62 | 70% | about $1,400 |
| 63 | 75% | about $1,500 |
| 64 | 80% | about $1,600 |
| 65 | about 86.7% | about $1,733 |
| 66 | about 93.3% | about $1,867 |
| 67 (full retirement age) | 100% | $2,000 |
| 68 | 108% | about $2,160 |
| 69 | 116% | about $2,320 |
| 70 | 124% | about $2,480 |
Two things jump out. Claiming at 62 now means a permanent 30% cut, the steepest early-claiming cut under current law. And waiting past 67 still earns you 8% a year in delayed retirement credits, up to age 70. After 70 there’s no extra reward, so there’s no reason to wait longer.
The gap between 62 and 70 on that example is more than $1,000 a month, for life. COLAs are applied on top, so a bigger starting check also gets bigger raises in dollar terms.
Spousal benefits shrink too
If you’re claiming on a husband’s or wife’s record, the full spousal benefit is up to 50% of their full benefit, but only if you wait until your own full retirement age. Claim a spousal benefit at 62 and it drops to 32.5%. Unlike your own benefit, spousal benefits don’t grow if you wait past 67.
Working and collecting in 2027
If you start benefits before 67 and keep working, the earnings test can hold back some of your money. For 2027, SSA’s figures are:
- In the calendar year you reach 67: $1 is withheld for every $3 you earn above $67,920, and only earnings in the months before your 67th birthday month count.
- From the month you turn 67: there’s no limit at all. You can earn as much as you like.
And the money held back isn’t lost. Once you reach full retirement age, SSA recalculates your benefit to credit you for the months it withheld.
Don’t mix this up with Medicare
Medicare still starts at 65, not 67. If you’re 66 now and turning 67 next year, you’ve probably already sorted Medicare. But if you delayed Part B because you had coverage through a current employer, make sure you sign up within eight months of that job or coverage ending, or you could face a late-enrollment penalty.
A quick checklist before you decide
- Look up your own numbers. Your my Social Security account shows your estimated benefit at 62, 67 and 70, based on your real earnings record.
- Check your earnings history. Missing years mean a lower benefit, and mistakes are easier to fix before you claim.
- Think about your health and family history. If you expect to live into your late 80s or beyond, waiting usually pays off. If not, claiming earlier may make sense.
- If you’re married, plan as a couple. The higher earner waiting until 70 can lock in a bigger survivor benefit for the spouse who outlives them.
- Apply about three months ahead. SSA lets you apply up to four months before you want benefits to start.
There’s no single right age. But for the 1960 group, the stakes of getting it right have never been higher: the difference between claiming at 62 and 70 is now 70% versus 124% of your full benefit.
Sources: SSA: Retirement age and benefit reduction, SSA: Delayed retirement credits, SSA 2027 COLA fact sheet and SSA: Receiving benefits while working.
Jackson is a dedicated USA news writer, who covers important topics such as Social Security payment schedules, COLA increases, IRS tax refunds, stimulus payment announcements, Medicare eligibility, retirement benefits, and changes to state driving laws. His goal is to provide clear, informative, and easy-to-follow articles that help retirees, seniors, taxpayers, and American families stay informed.