A new law that will take effect in 2025 will increase the minimum age required to receive it social security benefits Although the age requirement has been 65 until now, congress it is now preparing to implement the more complex law that was first passed in 1983.
Under the 1983 law, social security benefits are calculated according to expected life expectancy which varies from year to year.
What are the Social Security age changes in 2025?
For people born in 1958, for example, the full retirement age is 66 years and 8 months, KTLA 5 informed Those born the following year, however, can retire at 66 years and 10 months to obtain full benefits. All people born between 2 May 1958 and 28 February 1959 will be entitled to full retirement benefits in 2025. As for people born in 1960, they can retire at 67 to enjoy the full benefits.
People who don’t want to wait until their full retirement age can receive benefits at age 62, but that means they’ll get a reduced amount. Retirees who wait until age 70 will receive higher benefits.
The amount is based on the cost of living adjustment (COLA).
How Blavity previously reported, the amount awarded to retirees is based on the cost of living adjustment, or COLA, which is calculated based on the rate of inflation.
Shannon Benton, executive director of The Senior Citizens League, said her group is working to make sure seniors get what they deserve.
“Ensuring that seniors have enough to feed and shelter with dignity is one of the main reasons we advocate for a minimum COLA of 3 percent,” Benton said in a statement. CBS News. “Roughly two-thirds of seniors rely on Social Security for more than half of their monthly income, and 28% rely entirely on it.”
