If you were planning to retire next year, double check your math because a law passed in the ’80s is annually raising the age when Americans can collect their full Social Security benefits. And next year is no exception.

A study published by the National Bureau of Economic Research in November 2022 found that 90% of workers ages 45 to 62 would maximize their Social Security by claiming benefits at age 70. Yet, less than 10% of newly awarded retirees actually waited that long in 2023, and the percentage is similar in prior years.

“FRA is 66 years and 8 months for people born in 1958 and 66 and 10 months for those born in 1959; people born May 2, 1958, through Feb. 28, 1959, will reach it in 2025. Under current law, it will settle at 67 for people born in 1960 and afterward.”

The Social Security Administration has set its full retirement age or FRA for 67 for anyone born in 1960 or later. The adjustment was put into effect by Congress in 1983 to help account for longer life expectancies, CBS News reported. Every year, the FRA increases two months at a time.

Social Security is best known for providing monthly income to retirees based on their earnings over the course of their working lives, but there's more to the program than that. One important aspect of it that married (and divorced) couples ought to know about is its spousal benefit,