LOS ANGELES – If you were planning to retire next year, double check your math because a law passed in the ’80s is annually raising the age when Americans can collect their full Social Security benefits. And next year is no exception.
In 1983, Congress passed a law that gradually increases the age at which people may receive 100% of their Social Security benefits. The increase is aimed to match increasing life expectancy.
Full retirement age is based on the number of years you have worked as well as your annual income throughout your working life, according to the Social Security Administration.
Most Americans consider the typical age of retirement to be 65 but that’s been steadily rising.
The law increased the age beginning with people born in 1938 or later, Social Security officials said. The retirement age has been increasing by two months for each subsequent birth year.