Social Security rules around new retirement age announced as fresh rules begin in May

In May 2025, the Social Security Administration's phased increase to the Full Retirement Age (FRA) impacts retirement decisions. Individuals born in 1959 face an FRA of 66 years and 10 months. Claiming benefits before FRA results in reduced payments, while delaying until age 70 boosts them, reflecting adjustments due to increased life expectancy.