Social Security Retirement Age Rising to 67 in 2026
Social Security Retirement Age Rising to 67 in 2026

Social Security Retirement Age Rising to 67 in 2026

News summary

Social Security is undergoing significant changes that will impact millions of Americans, particularly those born in 1960 or later, as the full retirement age increases to 67 starting in 2026, requiring many to wait two additional years for full benefits. This change, part of a decades-long phase-in intended to address longer life expectancy and financial sustainability of the program, means early claims at age 62 result in permanently reduced monthly benefits. Experts highlight concerns that these reforms disproportionately affect Black Americans, who historically receive smaller benefits due to lower wages, shorter work lives, and reduced life expectancy, thus exacerbating racial disparities. Additionally, disability qualification criteria are tightening, and paper checks are being phased out, which could disadvantage seniors who rely on traditional payment methods. Meanwhile, retirement planning seminars are being offered to help individuals minimize taxes, navigate healthcare costs, and optimize Social Security benefits amid these shifts. Lastly, Social Security recipients are preparing for the upcoming cost of living adjustment, expected to be around 2.7%, which will increase monthly benefits but also reflects rising inflation and the higher cost of living.

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