Major Changes to Social Security and Retirement Age Set for 2025
TL;DR
Starting January 1, 2025, the full retirement age for Social Security benefits will increase to 66 years and 10 months for those born in 1959, with the age rising to 67 for those born in 1960 or later. This change is part of the Social Security Administration's adjustments, which also include a 2.5% cost-of-living increase for 2024. Early retirement at age 62 will result in a 30% reduction in benefits. Beneficiaries can apply for benefits up to four months before they plan to receive them.
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