When it comes to collecting Social Security, "full retirement age" is a critical concept. Unfortunately, the term can be a bit misleading.
Without digging under the surface, you might assume that full retirement age (FRA) is the age at which you're supposed to officially retire and start collecting your Social Security benefits. But in reality, it means one, very specific thing -- and it's important for every beneficiary to understand it.
What 'Full Retirement Age' Really Means
From the perspective of the Social Security Administration, "full retirement age" is when you are eligible to receive 100% of your retirement benefit. For those born in 1960 or later, FRA is 67. But this age has changed over time, gradually increasing over the years depending on the year of birth:
- For those born in 1943 to 1954: FRA is 66
- 1955: 66 and 2 months
- 1956: 66 and 4 months
- 1957: 66 and 6 months
- 1958: 66 and 8 months
- 1959: 66 and 10 months
This is where part of the confusion over full retirement age kicks in. If you want to access your Social Security benefits sooner, you don't have to wait until you reach FRA. In fact, the SSA allows you to file for benefits as early as age 62.
For most beneficiaries, that's a full five years before FRA, or 60 additional payments. The downside is that your benefit amount is reduced by as much as 30% -- and reduction is permanent. So, if you're expecting a monthly retirement benefit of $2,006.69, which was the average amount paid out as of July 2025, you might get as little as $1,404.68 if you filed at age 62.
Is Full Retirement Age When I Receive My Largest Benefit?
This is a common misconception, and it's totally understandable why you might think this to be the case. The very term "full retirement age" seems to imply that it's the age when you get your largest benefit. After all, how much more can you get than 100% of your benefit, right?
In reality, that's not the case. If you choose not to file at FRA, your benefit will actually keep growing while you wait -- at least for the next three years. If your FRA is 67 and you wait to file until age 70, for example, you’ll end up with a benefit that’s 24% higher than your “full retirement benefit.”
This is because the SSA grants delayed retirement credits of 8% per year that you wait to file between ages 67 and 70. Best of all, this boost to your monthly payments is permanent, and it will last for the rest of your life.