If you were born in 1959, you might have been planning on retiring at 67, which is typically the Full Retirement Age (FRA) for most Americans. However, recent changes to the Social Security system have shifted this plan. If you’re a 1959 baby, your new FRA is 66 years and 10 months, not 67, as it was for others born in 1960 or later. This adjustment is part of an ongoing change that began decades ago but could impact your retirement planning and how much you’ll get in Social Security benefits.
Goodbye Retirement at 67
| Key Fact | Details |
|---|---|
| New Full Retirement Age (FRA) | 66 years and 10 months for people born in 1959 |
| Previous Full Retirement Age | 67 years for people born in 1960 or later |
| Average Monthly Social Security Benefit | Approximately $1,976 per month for 2025 recipients |
| Maximum Social Security Benefit (2025) | Up to $4,873 per month if delaying benefits until age 70 |
| Impact on Social Security | The new FRA means retirees born in 1959 will have to wait 2 months longer than those born in 1960 |
If you were born in 1959, your Full Retirement Age (FRA) is now 66 years and 10 months, which means you’ll have to wait a couple of extra months for full Social Security benefits compared to others born in 1960 and later. This adjustment affects your monthly benefit and could influence your
retirement strategy. Whether you choose to claim early, at FRA, or delay to maximize your benefit, it’s essential to understand your options and plan accordingly. Planning ahead, understanding Social Security benefits, and factoring in inflation, taxes, and COLA adjustments can help ensure that your retirement years are financially secure.
Understanding Full Retirement Age (FRA)
What is Full Retirement Age (FRA)?
The Full Retirement Age (FRA) is the age at which you’re eligible to receive your full, unreduced Social Security benefits. If you claim benefits before your FRA, you’ll receive a reduced amount, and the earlier you claim, the larger the reduction. If you wait past your FRA, however, you’ll earn an 8% increase in your monthly benefits for each year you delay, all the way up to age 70.
Why Does FRA Matter?
Your FRA is an important factor in deciding when to start receiving Social Security benefits. If you were planning to retire at 67, you may have to wait until 66 years and 10 months if you were born in 1959. This might not seem like a huge difference, but over time, it can make a significant impact on your retirement plans. The change is a result of the Social Security Administration’s efforts to keep the system solvent, adjusting the retirement age for longer life expectancy.
How the FRA Affects Your Social Security Benefits
Early Retirement vs. FRA vs. Delayed Retirement
One of the biggest decisions in retirement planning is when to claim Social Security. Here’s how it breaks down:
- Early Retirement (Age 62): You can start taking benefits at age 62, but you’ll receive a reduced monthly benefit—by as much as 30%. This is an option for those who need the money sooner or have a health condition that might shorten their life expectancy.
- Full Retirement Age (66 years and 10 months for 1959 born): Waiting until FRA ensures you receive your full benefits, and you don’t face any penalties. This is the best option for many people who want to maximize their monthly payments.
- Delayed Retirement (Age 70): If you wait until age 70, you’ll get 8% more per year, which can add up to a 32% increase compared to your FRA benefit. This is an attractive option if you’re in good health, can afford to wait, and want higher monthly payments.
Case Study: A 1959-Born Retiree
Let’s say your monthly Social Security benefit at FRA is $2,000:
- Claiming at Age 62: You’ll receive $1,400—a reduction of 30%.
- Claiming at FRA (66 years and 10 months): You’ll receive the full $2,000.
- Delaying until Age 70: You could receive $2,400 per month, a 32% increase.
In this example, delaying benefits could mean an extra $400 per month, which adds up to $4,800 per year.
Impact on Spouses and Dependents
Spousal Benefits
If you’re married, your spouse may be eligible for spousal benefits based on your earnings record. The amount they receive can be as much as 50% of your Full Retirement Age benefit, depending on when they begin claiming. The changes in your FRA can also affect your spouse’s decision on when to start claiming benefits.
For example, if you decide to wait until age 70 to claim your benefits, your spouse’s benefits may also increase, depending on the timing of their claim.
Dependent Benefits
Children who are under 18, or 19 if still in school, may also be eligible for dependent benefits based on your Social Security record. The FRA change for you could impact how much your dependent children receive, as the amount is tied to your Social Security benefits.
Social Security Myths to Bust
Myth #1: “You Have to Work 40 Years to Receive Social Security”
While 40 work credits (approximately 10 years of work) are required to qualify for Social Security benefits, you don’t necessarily need to work for 40 consecutive years to receive benefits. Even if you only work for 10 years or more, you can still qualify for retirement benefits—though the amount may be smaller if you haven’t worked for many years.
Myth #2: “Social Security is Enough for Retirement”
Social Security was never intended to be your only source of income in retirement. It’s meant to supplement other income sources like pensions, savings, and investments. The average monthly benefit is about $1,976 in 2025, which is barely enough to live on in many areas of the U.S.
The Impact of Inflation on Your Social Security
What is COLA?
The Cost of Living Adjustment (COLA) is an annual increase in Social Security benefits to help keep up with inflation. While it’s designed to help maintain purchasing power, inflation can erode the value of fixed-income benefits over time.
For example, in 2023, COLA increased by 8.7%, the highest increase in over 40 years, due to rising inflation. However, future COLA adjustments are not guaranteed to be as high, and inflation can reduce the real value of Social Security checks over time.
Related Links
Trump’s Labor Department Shakeup Could Put Your Social Security COLA at Risk
Trump Drops Bombshell on Retirees — Social Security Just Took a Hit
Social Security August Payment Dates Revealed — Will You Get Yours?
Social Security and Taxes
Do You Have to Pay Taxes on Social Security?
Yes, depending on your income, a portion of your Social Security benefits may be subject to federal income tax. If your combined income (your adjusted gross income + non-taxable interest + half of your Social Security benefits) exceeds certain thresholds, you may have to pay taxes on your benefits.
- If your combined income is between $25,000 and $34,000, up to 50% of your Social Security benefits may be taxable.
- If it’s above $34,000, up to 85% of your benefits may be taxable.
What About State Taxes?
Some states tax Social Security benefits, while others do not. States like Florida, Texas, and Nevada don’t tax Social Security, but states like California, New York, and Connecticut do tax a portion of benefits.
Resources for Estimating Your Social Security Benefits
You can use the Social Security Administration’s (SSA) online tools to estimate your benefits and plan your retirement. Visit the SSA website at www.ssa.gov and use the Social Security Retirement Estimator to get personalized estimates of your future benefits. It’s a great tool to see how different claiming ages impact your retirement.
FAQs
What is the Full Retirement Age (FRA) for someone born in 1959?
If you were born in 1959, your Full Retirement Age (FRA) is 66 years and 10 months. This is when you can claim your full Social Security benefits.
How much will my Social Security benefits be reduced if I claim at age 62?
If you claim benefits at age 62, your monthly benefits will be reduced by up to 30% compared to what you would receive at your Full Retirement Age (66 years and 10 months).
Can I still work while receiving Social Security benefits?
Yes, you can work while receiving Social Security benefits. However, if you have not reached your Full Retirement Age, your benefits may be reduced if your earnings exceed certain limits.
Should I claim Social Security early or delay it?
It depends on your health, financial situation, and life expectancy. If you’re in good health and can afford to wait, delaying Social Security can result in a higher monthly benefit.
