Starting January 1, 2026, workers in the United States born in 1960 or later will need to wait until they turn 67 to receive full Social Security benefits.
The measure, announced by the Social Security Administration (SSA), represents a definitive shift in the retirement system, with significant economic implications for millions of Hispanics in the country.
A significant change
For decades, turning 65 was synonymous with retirement and full benefits. However, factors such as increased life expectancy and the aging population led the U.S. Congress to approve a reform in 1983 that gradually raised the full retirement age (FRA).
According to the SSA:
- Those born between 1943 and 1954 retire fully at 66 years old.
- Between 1955 and 1959, the age increases to 66 years and 10 months.
- Starting in 1960, the FRA will be 67, a change that will be fully implemented from 2026.
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While it is legal to begin retirement at age 62, doing so before reaching the full retirement age comes at a cost. Benefits are reduced by between 25% and 30%, representing a significant difference in the long term.
For example, someone who would receive $2,000 per month at age 67 will only receive $1,400 if they choose to retire at 62. This reduction is permanent, with no option for an increase even if the person returns to work later on.
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Delaying retirement and its economic rewards
For those who can wait beyond the FRA, the SSA offers an attractive incentive: a roughly 8% annual increase in benefits for each additional year worked, up to age 70.
In current figures (2024), those who delay retirement until age 70 can receive monthly benefits of over $4,800, which translates into a significantly higher income during retirement.
Tools available to plan for an informed retirement
The SSA encourages all workers to create an account on the “my Social Security” portal, which is also available in Spanish. This platform allows you to:
- Check your exact retirement age based on your birth year.
- Estimate monthly benefits at ages 62, 67, or 70.
- Access your work history and compare scenarios to make better financial decisions.
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Context of the reform
The change in retirement age is not a recent one. It is part of a strategy that began in 1983, when Congress approved a reform aimed at ensuring the financial viability of Social Security in the face of population aging. Since then, the retirement age has been gradually increasing each year.
The calendar has followed this pattern:
- 2021: 66 years and 2 months
- 2022: 66 years and 4 months
- 2023: 66 years and 6 months
- 2024: 66 years and 8 months
- 2025: 66 years and 10 months
- 2026: 67 years (full implementation for those born in 1960 or later)
The increase in the full retirement age to 67 marks a significant change in the U.S. Social Security system. The Hispanic community, one of the most active in the workforce, will need to consider this new scenario when planning for retirement. With digital tools like “my Social Security” and proper financial planning, workers will be able to adapt to this new reality.