Sixty-seven used to be the finish line. You clock in your decades, do your time, maybe snag a gold watch (or a cupcake in the breakroom), and boom—Social Security kicks in. That was the deal. Not anymore.
That number? It’s wobbling. And if you were born after 1975, you might want to stop thinking of 67 as your off-ramp. More like a mile marker. Because lawmakers are eyeing something higher—maybe 68, maybe 70—as the new “normal” for full retirement age (FRA).
Yeah, not exactly the kind of glow-up we were hoping for.
Table of Contents
Why Is the Retirement Age Even on the Table?
Let’s not beat around the bush: Social Security is in trouble.
According to the 2025 Social Security Trustees Report, the trust fund that’s been propping up benefits is on track to run dry by 2034. After that? Payroll taxes will still roll in, but they’ll only cover about 79% of what’s currently promised.
That means a 21% across-the-board benefit cut unless Congress steps in. And fast.
So how do we fix it?
Lawmakers have three broad levers they can pull:
| Option | What It Means |
|---|---|
| Raise Taxes | Higher payroll taxes from workers/employers |
| Cut Benefits | Pay people less—or fewer people altogether |
| Push Retirement Age Up | Delay when folks get full benefits |
Guess which one’s gaining traction? Yup—the third one. Quietly, steadily, consistently.
What Happens If Full Retirement Age Rises?
If you’re thinking, “Well, I’ll just retire early and take the hit,” hold up.
Right now, if your FRA is 67 and you retire at 62, your benefit gets shaved by about 30%. But if the FRA gets bumped to 70? Retiring at 62 might slash your monthly payout by 35% or more.
Let’s break that down:
| Retirement Age | FRA = 67 | FRA = 70 (Proposed) |
|---|---|---|
| 62 | ~70% | ~65% or less |
| 67 | 100% | ~86% |
| 70 | 124% | 100% |
So yeah—when you retire is about to matter a whole lot more.
Who’s Affected?
If you’re already retired or closing in on it (say, born before 1965), you can exhale. Most proposals draw the line well after that—usually around 1975–1980.
That means:
- Boomers are mostly safe.
- Gen X? You’re straddling the line.
- Millennials and Gen Z? Grab a chair. We need to talk.
So… What Are My Options?
If you’re under 50, here’s what you can do right now—not 20 years from now—so you’re not caught flat-footed if the rules change.
1. Delay Smartly (If You Can)
You can still delay benefits up to age 70, which increases your monthly check by about 8% per year after FRA.
2. Diversify Retirement Income
Don’t rely on Social Security as your primary retirement plan. Think:
- 401(k) + IRA
- Roth conversions (especially now, while taxes are relatively low)
- Brokerage accounts
- Even real estate or passive income streams
3. Keep Tabs on Policy News
If Congress passes changes, they’ll likely phase them in. Staying informed could give you a crucial head start on planning.
Could We Fix Social Security Without Raising the Age?
Yes—and the ideas are already floating around. A few include:
- Removing the earnings cap on payroll taxes (right now, you only pay Social Security tax on your first $168,600 of wages in 2024)
- Tweaking COLAs (Cost of Living Adjustments) so they reflect spending patterns of retirees more accurately
- Means-testing benefits so high-net-worth retirees get less
Each one is controversial. But together, they might ease pressure on the system without making everyone work till their knees give out.
Bottom Line
The Social Security system isn’t crumbling tomorrow—but it’s not on solid footing either. And raising the retirement age is one of the clearest signals that things are changing, especially for younger generations.
If you’re under 50, assume the rules you’ve been told might not stick. Prepare anyway.
Work longer? Maybe.
Get creative? Definitely.
Give up? Nah. Never.
FAQs
Will I still get Social Security if I retire before 67?
Yes—but your benefit will be reduced based on how early you retire and what the full retirement age is by then.
Is delaying until 70 still worth it?
Absolutely. Your check could be about 124% of your FRA benefit if you wait.
Will these changes affect current retirees?
Nope. Most proposals leave them untouched.
What if I was born after 1980?
You’re likely to see phased-in changes. Assume a higher FRA when planning.
Can Congress just fix this another way?
Technically, yes. But it depends on political will. Right now, raising the FRA is the path of least resistance.
