If your birthday falls in 1960, you're part of a quiet milestone that tens of millions of Americans are about to join: the full retirement age for Social Security is now 67.
Anyone born in 1960 or later has to wait until 67 to collect their full benefit.
The change was signed into law back in 1983, but it's only now fully phasing in for an entire cohort of workers, and plenty of people are still caught off guard.
Claim at 62, the earliest you're allowed, and your monthly check gets cut by roughly 30% compared to waiting until 67.
On a $2,000 full benefit, that's about $600 less every month — for life.
Claim at 70 instead, and you'd collect about 24% more than the full amount.
Over a 20-year retirement, that 62-versus-67 difference can exceed $140,000 in lost income.
For retirees living mostly on Social Security, that's the difference between covering groceries and rent or stretching every dollar.
The timing decision isn't one-size-fits-all.
If you have health problems, a physically demanding job you can't keep doing, or no other savings, claiming early can make sense despite the reduction.
If you're still working, in decent health, and have a spouse who'll likely outlive you, waiting often pays off — survivor benefits are based on the higher earner's record.
One trap to watch: if you claim before your full retirement age and keep working, you may temporarily lose part of your benefit.
Go over it, and Social Security withholds $1 for every $2 above the threshold.
That money isn't gone forever — it's added back once you reach full retirement age — but it can shock people who didn't plan for it.
If you were born in 1959, your full retirement age is 66 and 10 months.
Anyone born in 1960 or later lands at exactly 67.
Those born in 1955 through 1959 fall somewhere in between.
You can check your exact date and estimated benefit by creating a free account at ssa.gov — it takes about ten minutes and shows your earnings history, which is also worth reviewing for errors.
The smartest move is to run your own numbers instead of guessing.
Compare claiming at 62, your full retirement age, and 70.
Factor in whether you'll keep working, your spouse's benefits, and your health.
A few hundred dollars a month compounds over a retirement that could last 25 or 30 years.
Our take: the shift to 67 is easy to ignore until it's staring you down in your early 60s.
Final Thoughts
Treat your Social Security start date like the biggest financial decision of your retirement — because for many households, it is.