🕰️ Planning for Retirement: Why You Need to Act Now as the Social Security Filing Age Shifts

Retirement may feel far away—but if you’ve been paying attention to recent changes in Social Security, you know it’s time to take a fresh look at your retirement strategy.

With the age to claim full Social Security benefits rising, the traditional retirement roadmap is shifting. If you’re not planning now, you could find yourself working longer—or living with less—than you anticipated.

Here’s what’s changing, what it means for your future, and how you can stay ahead

📈 What’s Changing with Social Security?

The full retirement age (FRA)—the age at which you can receive 100% of your Social Security benefits—is increasing gradually. It used to be 65, but for those born in 1960 or later, the FRA is now 67.

So, if you’re in your 40s or early 50s, you’ll need to wait until 67 for full benefits—or face reduced checks for early filing.

⚠️ Claiming at 62? Your benefits could be permanently reduced by up to 30%.

💡 Why This Change Matters

1. Longer Working Years

If you’re planning to retire at 62, think again. That strategy could cost you tens of thousands in lost Social Security income over time. You’ll need to work longer or save more to make up the difference.

2. Higher Retirement Costs

Healthcare, inflation, and longevity all impact how much you’ll need. Delaying Social Security might make sense to maximize benefits, but it also means you’ll need to fund those early retirement years on your own.

3. Pension and 401(k) Timing

This change affects how and when you tap into other retirement accounts. You’ll need a coordinated plan to bridge the gap between your last paycheck and your first full Social Security payment.

✅ How to Plan Smarter for Retirement Now

🗂️ 1. Know Your Numbers

• Use the Social Security Retirement Estimator to see what you’ll receive at different ages.

• Review your mySocialSecurity account for up-to-date info on your earnings and projected benefits.

💵 2. SaveEarly—and Aggressively

Don’t rely solely on Social Security. Start (or increase) your retirement contributions to:

• A 401(k) or 403(b), especially if you get employer matching

• A Traditional or Roth IRA

• Health Savings Accounts (HSAs) for medical expenses in retirement

🧮 Rule of thumb: Aim to replace 70–80% of your pre-retirement income.

📆 3. Adjust Your Retirement Timeline

• Consider working a few extra years to increase benefits and savings

• Explore phased retirement or part-time work to ease the transition

• Plan for retirement in phases, not a one-time event

🧠 4. Work With a Financial Advisor

A retirement specialist can help you:

• Optimize your filing age based on life expectancy and income needs

• Reduce taxes in retirement

• Balance withdrawals from retirement accounts

🤝 Need expert guidance? Reach out to our trusted partner Leo Barros, CFA at Raymond James. With years of experience and a personalized approach, Leo can help you create a strategy that supports your long-term goals and adapts to the new Social Security landscape.

📚 Helpful Retirement Planning Resources

• SSA Retirement Age Chart

• SmartAsset Retirement Calculator

• Fidelity Retirement Score Tool

• ChooseFI Podcast: How to Retire Early

Retirement isn’t just about quitting work—it’s about building the life you want. Start now, plan smart, and reach out for support from professionals who can guide you with confidence. Your future self will thank you. 🏖️