Baltimore, MD - Dec. 18, 2024 - The Social Security full retirement age (FRA) is set to increase in 2025, affecting Maryland residents born in 1960 or later. Currently, individuals can claim reduced benefits starting at age 62, but to receive full benefits, they must wait until the FRA. For those born in 1960 or later, the FRA will rise to 67 in 2025.

This change means that Maryland residents turning 62 in 2025 can still begin receiving Social Security benefits; however, these benefits will be reduced to account for the longer period over which they will be received. To obtain full benefits without reduction, individuals will need to wait until age 67.

It's important for Maryland residents to consider this adjustment in their retirement planning. Delaying benefits until reaching the FRA can result in higher monthly payments, while claiming earlier will lead to reduced benefits. Additionally, for each year benefits are delayed past the FRA, up to age 70, individuals can receive delayed retirement credits, increasing their benefits further.

Given that Social Security benefits constitute a significant portion of retirement income for many, understanding these changes is crucial for effective financial planning. Residents are encouraged to assess their retirement strategies in light of the upcoming FRA increase to make informed decisions about when to begin receiving benefits.... Read More: Pikesville Patch