What is the full retirement age for individuals born in 1960 or later?

The full retirement age for individuals born in 1960 or later is 67 years old. This age was established as part of changes to Social Security legislation aimed at addressing demographic shifts, such as rising life expectancy. The adjustment of the full retirement age reflects the need to ensure the sustainability of the Social Security system by encouraging individuals to work longer before receiving full benefits.

The Social Security Administration has gradually increased the full retirement age from the traditional 65 to 67 for people born in 1960, meaning that those individuals will not receive full benefits until they reach that age. This age can be a crucial consideration for planning retirement and understanding the benefits available under Social Security.