Market
Age Group with Highest Early Social Security Applications in 2025
2
Resolution / Starting Odds
Age 62 • 25%
Age 63 • 25%
Age 64 • 25%
Age 65 • 25%
Social Security Administration's annual report or data release
Story
U.S. Social Security Retirement Age Set to Rise to 66 Years and 10 Months in 2025
Dec 14, 2024, 04:54 PM
The full retirement age for Social Security benefits in the United States is set to increase in 2025. Individuals born in 1959 will reach full retirement age at 66 years and 10 months, while those born in 1960 or later will need to wait until they are 67 years old to access their full benefits. This change reflects a gradual increase in retirement age established by a law passed by Congress in 1983, aimed at aligning with the growing expected lifespan. The Social Security Administration recommends applying for benefits up to four months in advance to facilitate the process and avoid setbacks. Additionally, the Cost of Living Adjustment (COLA) for 2025 has been set at 2.5%, which will increase beneficiaries' monthly payments and adjust the income thresholds for Social Security credits and taxable wage limits. Early retirement at age 62 involves a permanent 30% reduction in monthly payments, with reductions of 0.55% per month for the first 36 months and 0.42% per month thereafter.
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Education • 25%
Healthcare • 25%
Public Safety • 25%
Other Public Services • 25%
State and local government workers • 25%
Other government workers • 25%
Postal workers • 25%
Federal retirees • 25%
No significant change • 25%
Increase by over 500,000 • 25%
Increase by 250,000 to 500,000 • 25%
Increase by less than 250,000 • 25%
Firefighters • 25%
Other Public Employees • 25%
Teachers • 25%
Police Officers • 25%
Children • 25%
Seniors (65+) • 25%
Adults (25-64) • 25%
Young Adults (18-24) • 25%
Increased strain on Social Security Trust Funds • 25%
Other Concerns • 25%
Impact on state budgets • 25%
Fairness in benefits distribution • 25%
Adjusting benefits • 25%
Increasing payroll taxes • 25%
Other • 25%
Raising retirement age • 25%
Decrease by more than $25,000 • 25%
Decrease by $25,000 • 25%
Decrease by less than $25,000 • 25%
No Change • 25%
Teenagers (13-19 years) • 25%
Adults (20+ years) • 25%
Infants (0-1 years) • 25%
Children (2-12 years) • 25%
Favorable to Democrats • 25%
Mixed impact • 25%
No significant impact • 25%
Favorable to Republicans • 25%
Democrats • 25%
Republicans • 25%
Independents • 25%
No Significant Change • 25%