Starting in 2022, Social Security‘s full retirement age reached its maximum, 67 years old, for those born in or after 1960.
The Social Security Amendments of 1983 made a provision for the full retirement age to increase gradually from 65 to 67 over a 22-year period beginning in 2000. In 2022, the age rose to 67 for future recipients.
People can begin collecting their Social Security benefits when they reach 62, with a penalty, however. When a retiree is more than three years away from turning 67, 5/9 of a percent along with an additional 5/12 of a percent will be deducted each month. When retirees are within 36 months of 67, their benefits are only reduced by 5/9 of a percent.
According to a report, a 62-year-old recipient’s benefits “would be reduced by 30%” per month.
Last year, the SSA announced a cost of living adjustment of 5.9%. An average retiree will see an increase of $92, for a grand total of $1,657 per month. Meanwhile, a couple’s likely monthly benefits rose by $154 to $2,754.
The adjustment is the highest COLA since 1982, when it was increased by 7.4%. The first COLA was instituted in 1975 by the SSA.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
About 70 million people, including Social Security recipients, disabled veterans, and federal retirees, are affected by the adjustment. Roughly half of seniors report that Social Security benefits make up at least half of their household income. Another 25% rely on the monthly benefits for nearly their entire income.
