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The last significant reforms came in 1983, when theretirement agewas raised and more benefits were taxed.
The next overhaul could be coming soon, however and it would impact Americans of all ages.
Those taxes currently fund about 77% of benefits.
Because of that shortfall, many Americans fret over Social Securitys future.
Heres what every generation should know about claiming Social Security benefits.
The full retirement age is 67 for anyone born in 1960 or later, according to theSocial Security Administration.
For those born in 1958, the FRA is 66 years and eight months.
For those born in 1959, its 66 years and 10 months.
After you hit full retirement age, your benefit willincrease by 8% each year you wait to claim.
There is no financial advantage to claiming after age 70.
In 2024, the SSA withholds $1 of benefits for every $2 in earnings above $22,320.
For now, your full retirement age will be 67, regardless of which year you were born.
The oldest millennials turn 62 in 2043, and as things stand now they can begin claiming that year.
Benefits are based on average indexed monthly earnings on up to 35 full working years.
The highest-earning 35 years are used in the calculation.
Reviewing your earnings history is the best way to determine what your eventual retirement benefit will be.
Even so, some lawmakers support legislation to reform Social Security before the OASI runs out.
The current full retirement age is 66 or 67, depending on your birth year.
For all Americans born in 1960 or later, the FRA is 67.
Some lawmakers also have proposedmore straightforward cutsto Social Security by slashing benefits across the board.
But others support bolstering the program rather than cutting it.
One suggestion is to raise the threshold on how much yearly income is subject to Social Security taxes.
Another is toeliminate benefits for wealthy retirees.
The Social Security COLA is implemented each year to help account for inflation.
In 2024, the COLA is 3.2%.
That will drop to 2.5% in 2025, the Social Security Administration reported in October 2024.
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