New Jersey— Social Security applicants will face an increasing retirement age beginning in 2025.
For many decades, the age at which workers became entitled for 100% of their retirement benefits was 65, but in 1983, that barrier was raised gradually to reflect the increased expected lifetime.
While taxpayers over the age of 62 can begin receiving retirement benefits, they cannot get 100% of their lifetime earnings until they reach full retirement age. Since 1983, the full retirement age has been gradually increasing by two months per year.
For those born in 1958, it is 66 years and 8 months. By 2025, people born in 1960 or later will have reached the age of 67. Full information about retirement benefits and eligibility can be found on the Social Security Administration website.
Those who do not apply for benefits until after reaching the full retirement age may be eligible for backpay or delayed retirement credits, which boost their monthly payouts.
However, the retirement age is not the only change coming to Social Security. A modest 2.5 percent cost-of-living adjustment will also be implemented, increasing retirement payments by around $50 per month beginning in January, according to the SSA. The adjustment is based on inflation as measured by the Consumer Price Index.
According to the according to the SSA. more than 1.3 million retired residents in New Jersey received social security payments in 2023.
