Social Security in 2027: Full Retirement Age, COLA Forecast and Important Changes to Watch
Millions of Americans are looking ahead to Social Security in 2027 and asking what changes could affect their retirement benefits. Some important issues include the full retirement age, the upcoming 2027 Cost-of-Living Adjustment (COLA), and the long-term financial outlook for Social Security. Here is what we know based on current information. 1. Full Retirement Age Is 67 for People Born in 1960 or Later One important fact is that the full retirement age for people born in 1960 or later is 67. However, this is not a new law starting in 2027. The retirement age was gradually increased under legislation passed in 1983. Americans born in 1960 or later can receive their full retirement benefit at age 67 under current law. Social Security Administration 2. Can You Still Claim Social Security at Age 62 Americans can generally begin claiming Social Security retirement benefits as early as age 62. However, starting benefits before reaching full retirement age results in a perm...