Right now, for people born in 1960 or later, the full retirement age (FRA) is 67. That means if you wait until 67 to claim ...

Deciding when to claim Social Security retirement benefits is a big decision. A new proposal calls for changing the way those ages are described.

Full retirement age varies by birth year, but it is 67 for those born in 1960 or later. Waiting to claim Social Security until after full retirement age increases benefits by 8% annually up to age 70.

The wording around Social Security’s retirement age may soon change to help people better understand their claiming options.

The average retirement plan participants between the ages of 45 and 54 had an average balance of $168,646 in 2023, according to Vanguard. How does your savings balance compare?