All articles tagged with #fra
The full retirement age for Social Security will increase to 67 in 2026, affecting when individuals can claim full benefits and potentially impacting their retirement planning and income. The change is part of ongoing reforms to address financial sustainability, and individuals should consider their claiming strategy accordingly.
In 2024, retirees must be aware of three significant changes to Social Security: a 3.2% cost-of-living adjustment (COLA) increasing average benefits, a rise in the full retirement age (FRA) for those born in 1958 to 66 and 8 months, and higher retirement earnings test exempt amounts, with the lower limit at $22,320 and the higher limit at $59,520. These changes aim to protect the buying power of Social Security against inflation, adjust benefits based on age, and allow for more earnings before benefits are withheld for those not yet at FRA.