There are some changes coming to Social Security next year that you need to be made aware of. Keep reading to learn more.
10. Full Retirement Age Has Increased
Once again the Social Security program’s full retirement age is set to increase. In 2020, the full retirement age will increase to 66 years and eight months for people born in 1958. For people born in 1960 or later, it will increase to 67. This is the tenth time the full retirement age has increased since Social Security was signed into law in 1935.
Keep in mind that this doesn’t mean you can’t retire before then. It just means that you won’t be able to collect your full monthly benefit if you do. According to the Social Security Administration, workers who retire as early as 62 may risk losing as much as 30 percent of their benefit.