Social Security Quietly Changed Again. Most Americans Missed This

• The full retirement age rises to 67 for those who turn 66 in 2026 or later.

• Although retirement age has a significant impact on benefit amounts, only 13% of adults know their full retirement age.

• Taking benefits before full retirement age will permanently reduce monthly benefits.

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While Social Security is an important source of income for most retirees, the reality is that many current workers don’t pay much attention to its rules and complexities. Even those approaching retirement may not know all the details that affect the size of their check.

In fact, Social Security changes in 2025 and again in 2026 — a change that has gone largely unnoticed by many, even though it affects the retirement benefits of everyone who collects Social Security this year or will receive benefits in future years.

Here are the changes to benefit plans and details of what it means for you.

The big change to Social Security that’s getting a lot of attention is the change to the full retirement age (FRA). A recent Nationwide study showed that only 13% of adults know their full retirement age, so it’s no surprise that so many Americans are unaware of this change. But this is a problem because your FRA has a significant impact on when you can apply for benefits.

You see, you have your standard Social Security benefit, which is calculated by a formula based on your average salary over your 35 highest-earning years. After indexing it to inflation, you’ll receive a percentage of your average salary. But you will get this standard benefit only If you register and get your first Social Security check from your FRA. And you don’t have Receive benefits at your FRA because you can start receiving benefits anytime between 62 and 70.

Filing a claim before the FRA means your monthly benefits will be reduced for the rest of your life, while filing a claim after the FRA will cause your benefits to increase and last for life. Therefore, the stakes are high when you decide when to collect benefits (relative to the timing of your FRA). Unfortunately, FRA has changed and many Americans don’t know it or when their own FRA is.

Lack of knowledge may affect their interests and Their chance of making the best choices to ensure financial security later in life.

FRA is now changing as a result of the 1983 reforms. Lawmakers need to take steps to make Social Security more financially stable, and one of those steps is to transfer FRA later. However, because this change in the FRA was effectively a benefit cut that lawmakers phased in over time, retirees at the time were not affected.

Today’s retirees are the ones facing the consequences of this legislation, as they have had to deal with a later filing age each of the past few years and will do so again in 2026. Specifically:

• Anyone who turns 66 in 2026 or later will have an FRA of 67 and cannot receive full benefits until then.

• Those who turn 66 in 2025 have an FRA of 66 and 10 months

• Those who turn 66 in 2024 have an FRA of 66 and 8 months

• Those who turn 66 in 2023 have an FRA of 66 and 6 months

• The FRA for those who turn 66 in 2022 is 66 and 4 months

• The FRA for those who turn 66 in 2021 is 66 and 2 months

Since the FRA was 65 per person before the reform, this change is actually a pretty big one. This has gone almost entirely unnoticed, as national surveys show that the average American’s guess at FRA is 60 years old.

Anyone approaching retirement or planning to retire in the near future must be aware that this rule shift means they will now either have to wait longer to receive benefits or face a lifetime reduction in monthly income.

It may be a good idea to work with a financial advisor to understand the impact of this change and make informed claims choices, as Social Security is likely to be a key source of income in retirement, and it’s worth spending some effort to understand what claims age is best for you.

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