What is the full retirement age for individuals born in 1960 or later?

The full retirement age for individuals born in 1960 or later is 67 years. This age is significant because it determines when individuals are eligible to receive full Social Security retirement benefits without any reduction due to early retirement.

As life expectancy has increased, the Social Security Administration has gradually raised the full retirement age to ensure the long-term sustainability of the Social Security program. Thus, anyone born in 1960 or later will reach their full retirement age at 67. This age was established for those born in this cohort as part of a broader adjustment in the Social Security program to reflect demographic changes.

Understanding this age is crucial for planning retirement benefits, as claiming benefits before reaching full retirement age results in a reduction of monthly payments, while waiting past this age can lead to increased benefits.