4. Your full retirement age is based on your birth year

The notion of full retirement age is different today than it was in the past. More specifically, the Social Security reform of 1980 has made it so that retirees now must calculate their full retirement age- it used to be 65 for everyone.

Now it’s calculated based on the year you were born. Those born between 1943 and 1954 reach their FRA at 66. If you’re born in 1960 or later, it’s 67.

But what about those born between 1954 and 1960? Well, their FRA is either 66 or 67.