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Social Security’s full retirement age is increasing in 2025. Here’s what to know.
Most Americans may consider the standard retirement age to be 65, but the so-called “full retirement age” for Social Security is already older than that — and it’s about to hit an even higher age in 2025.
Social Security’s full retirement age (FRA) refers to when workers can start claiming their full benefits, which is based on the number of years they’ve worked as well as their income during their working years. The longer someone works and the higher their income, the more they can receive from Social Security when they finally claim their benefits.
While the FRA used to be 65 years old, Congress overhauled the program in 1983 to raise the retirement age threshold in order to account for longer life expectancies.
As part of that revamp, the FRA has been inching higher by two months at a time, based on a person’s birth year. For instance, people who were born in 1957 reached their FRA when they turned 66 years and 6 months old, or starting in 2023; but people born in 1958 must turn 66 years and 8 months old to qualify for their full benefits, or starting in September 2024.
The full retirement age is set to increase again by two months, to 66 years and 10 months old, for people born in 1959. That means the higher FRA for that cohort will go into effect in 2025, with people born in 1959 starting to qualify for their full benefits in November 2025. (You can calculate when you could get your full benefits on this Social Security Administration page.)
To be sure, there is flexibility about when to claim Social Security benefits. People can claim as soon as they turn 62 years old, but the trade-off is a reduced benefit that’s locked in for the rest of their retirement.
For instance, claiming at 62 will result in a benefit that’s about 30% less than your full benefit — a sacrifice that many older Americans opt for, given that many are forced into retirement earlier than they expected or because they believe it makes more sense to claim more years of guaranteed retirement income, even if it’s at a lower amount.
Young boomers and Gen Xers
The increase in the FRA for people born in 1959 marks the penultimate age change, with the final jump occurring for workers born in or after 1960. Those Americans won’t be able to claim their FRA until they hit 67 years old, which means that someone born in January 1960 must hold off until January 2027 to get their full retirement benefits.
That will mostly impact the youngest baby boomers and Gen Xers, with the latter generation spanning 1965 to 1980.
These workers, however, are among the least prepared for retirement, according to recent research. The youngest boomers — those born between 1959 and 1965 — started to hit 65 this year, but many of them lack adequate savings to support themselves in old age, the ALI Retirement Income Institute found earlier this year.
About 1 in 3 of these younger boomers will rely on Social Security benefits for at least 90% of their retirement income when they are 70, the study found. But Social Security benefits are designed to replace about 40% of a person’s working income.
Gen X, meanwhile, is also shaping up to hit retirement without enough saved for their golden years. The average retirement savings of Gen X households is about $150,000 — far below the roughly $1.5 million that Americans say they need to retire comfortably. Another study found that about 40% of Gen Xers don’t have a penny saved for retirement.
Meanwhile, older Americans can also maximize their Social Security benefits by delaying claiming until they turn 70 years old. At that point, one’s benefits are boosted about 25% higher than their full benefits. But only about 4% of Americans wait until they’re 70 to claim the maximum Social Security benefit, according to a recent study from the Transamerica Center for Retirement Studies.
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More than a century after their land was ravaged by the California gold rush, Yurok tribe to reclaim land near Redwood National and State Parks
Rosie Clayburn is a descendant of the Yurok Tribe, which had its territory — called ‘O Rew in the Yurok language — ripped from them nearly two centuries ago.
“As the natural world became completely decimated, so did the Yurok people,” she said.
That decimation started when miners rushed in for gold, killing and displacing tens of thousands of Native Americans in California and ravaging the redwood trees for lumber.
“Everything was extracted that was marketable,” Clayburn said. “We’ve always had this really intricate relationship with the landscape. We’ve hunted, we’ve fished, we’ve gathered. And those are all management tools. Everything that we do has been in balance with the natural world.”
Now, generations later, 125 acres bordering Redwood National and State Parks will be handed back to the Yuroks.
The nonprofit Save the Redwoods League purchased the land in 2013 from an old timber mill, with the original goal of giving it to the National Park Service.
“As we continued conversations about the transfer of this land to the National Park Service, we began to realize that perhaps a better alternative would be to transfer the land back to the Yurok Tribe,” said Save the Redwoods League’s Paul Ringgold. “No one knows this land better. They’ve been stewarding this land since time and memorial”
Ringgold said that stewardship includes controlled burns to clear dead vegetation — a native practice once outlawed, but now recognized as essential in preventing catastrophic wildfires.
“Indigenous populations have been using fire as a management tool,” he said. “We’d like to see that kind of practice return.”
Redwoods serve as some of the largest stores of carbon on the planet. A single tree can capture up to 250 tons in its lifetime, the equivalent of removing nearly 200 cars from the road for an entire year.
But between logging and fires, 95% of California’s redwoods have been destroyed. Over the past decade, the Yurok have been helping restore the land.
Another forgotten jewel of the ecosystem is salmon. The fish were once so plentiful, they were eaten with most meals. The Yurok word for salmon even translates to “that which we eat.” But the salmon population has dwindled to about one-quarter of what it was 20 years ago, according to a coalition of state and federal agencies.
The tribe is working to bolster the fish’s population by building a stream channel, two connected ponds and about 20 acres of floodplain.
“You have salmon who provide for humans, but they also provide for other animals,” Clayburn said. “And then when they spawn and die, they put nutrients back in the ground. And so, everything just has this, this balance and this reciprocal way.”
That balance is returning. There’s been a rebound in the salmon population and the Yuroks also recently reintroduced the California condor — a scavenger that’s important to the ecosystem — back into the wild for the first time this century.
“It tells us that our land’s healing and that our people are gonna heal,” Clayburn said.
The Yuroks will take full control of ‘O Rew in 2026 and, in a first-of-its-kind partnership, receive help managing it from the Save the Redwoods League, California State Parks and The National Park Service.
“We understand some of the mistakes we made as a federal government, and it’s a chance to begin that healing with the native tribes all across the United States,” said National Park Service Director Chuck Sams.
For Sams, the first Native American to lead the agency, the partnership is personal.
“We’ve been writing our histories separately. There’s been the native history and then the American history. This is a chance when we’re doing co-stewardship and co-management to write history together,” he said.
Of the 431 parks managed by the National Park Service, 109 of them now have formal co-stewardship agreements with indigenous tribes, with 43 more on the way.
In addition to restoration work, plans for ‘O Rew include the creation of new trails, the construction of a traditional Yurok village and a state-of-the-art visitor center. The visitor center will display Yurok artifacts and highlight the tribe’s history and culture, with the goal of educating new visitors on the land’s history and significance from the perspective of those who have lived on it the longest.
“I really hope ‘O Rew symbolizes a coming home of the Yurok people and reconnecting with our landscape,” said Clayburn.
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“CBS Evening News” headlines for Monday, Dec. 16, 2024
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