3 Things to Know if You'll Reach Your Full Retirement Age (FRA) in 2027
This important milestone could come with major changes to your Social Security checks.
Reaching full retirement age (FRA) of 67 in 2027 can significantly impact your Social Security benefits. If you haven't signed up yet, doing so by your FRA means you won't face an early claiming penalty and your checks will be larger than if you had signed up earlier, as your benefits will be based on your work history to date. However, for those already receiving Social Security benefits, reaching FRA does not increase their monthly checks; they remain locked at that rate, with only cost-of-living adjustments (COLAs) and occasional increases if they earn a certain amount from employment.
Beneficiaries who had money withheld in past years due to the earnings test may see a one-time benefit boost once they reach their FRA. This boost, paid in the month after their birth month, will be in the form of an increase to their checks, especially beneficial for those who paid a significant amount in withholdings. However, the exact amount of this boost depends on the total withheld over the years.
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