Here’s how a 40-year-old Social Security law will affect retirement in 2025

If you’re planning on retiring soon, you’ll want to double-check your bill because a law passed in the 1980s gradually increased the age at which you can start receiving your full Social Security benefits.

In 1983, Congress passed a law that gradually increased the age at which people can receive 100% of their Social Security benefits from 65 to 67. This change was felt in subsequent decades as Americans approached retirement age, according to the Bipartisan Policy Center. The aim of the increase was to meet increasing life expectancy.

According to the Social Security Administration, full retirement age is when you are eligible to receive full Social Security retirement benefits. The year and month in which you reach full retirement age depends on the year you were born.

Depending on the month, anyone born in 1959 will reach the age when they can claim their full benefits in 2025.

Most Americans assume that the typical retirement age is 65 because that has been the norm for much of Social Security’s history, according to the Center on Budget and Policy Priorities.

The law increased the age for people born in 1938 or later, Social Security officials said. Until those born in 1960 or later, the retirement age was increased by two months for each additional year of birth.

For example, if you were born in 1957, you would have reached your full retirement age at age 66 and 6 months and would be eligible to receive your full Social Security benefits. If you were born in 1958, you must be 66 years and 8 months old to receive your full benefits.

For those born in 1960 and later, the full retirement age is currently 67 years.

Social Security recipients have the option of claiming benefits before the designated full retirement age. You can begin receiving your benefits once you turn 62. However, the amount is reduced significantly: about 25% less if your full retirement age is 66 and 30% less if you are 67.

If you wait until age 70 to receive benefits, you will be rewarded with a higher monthly amount.

To find out when you can claim your full retirement benefits or what you can claim if you retire early, use the Social Security online calculator.