Social Security Full Retirement Age Set to Rise in 2025 in California
In 2025, Californians will see changes in Social Security full retirement age and benefits eligibility
Social Security, California, Retirement, Benefits, 2025
California: As we get closer to 2025, many folks in California and across the U.S. will be eligible for Social Security benefits, with some reaching their full retirement age.
Now, the minimum age to get Social Security is different from the full retirement age, which is going up in 2025. You can choose when to start claiming benefits, but waiting a bit longer can mean bigger checks.
In California, about 6 million people get monthly Social Security benefits. So, what’s the deal with full retirement ages for 2025? Let’s break it down.
You can start filing for Social Security at age 62, but if you do, you won’t get the full amount. If you wait until your full retirement age, your monthly checks will be higher.
Also, at age 59½, you can start taking money from retirement accounts like 401(k)s and IRAs without facing a penalty from the IRS.
So, what’s the full retirement age? It’s the age when your Social Security checks get a nice bump. This age has been creeping up over the years, thanks to a law passed in 1983 that aimed to keep up with longer life expectancies.
If you wait even longer to claim your benefits, you can boost them by 8% each year until you hit 70. For instance, if you file at 62, you might get around $2,710 a month. But if you wait until your full retirement age, you could get up to $3,822. And if you hold out until 70, that could jump to about $4,873!
In 2025, if you were born between May 2, 1958, and February 28, 1959, you’ll hit your full retirement age. Here’s a quick look at the ages for those born in 1955 and later:
- 1955: 66 years and 2 months
- 1956: 66 years and 4 months
- 1957: 66 years and 6 months
- 1958: 66 years and 8 months
- 1959: 66 years and 10 months
- 1960 and later: 67 years
Also, Social Security will see a 2.5% increase in 2025 to help with the cost of living. But this is the smallest bump in three years. For the average person, that means about $50 more a month, going from $1,907 to $1,957.
When it comes to when checks go out, Social Security payments are sent on Wednesdays based on your birthday, while SSI checks go out on the same day for everyone. A little quirk means January 2025 SSI checks will actually be sent out on December 31, 2024.
For more details, check out the schedules for 2024 and 2025.
This article originally appeared on Palm Springs Desert Sun: What is the Social Security full retirement age for 2025?