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.

If you've got Social Security on your mind, you need to know your "full retirement age" as your age in relation to that affects your benefit level.

Starting January 1, 2025, millions of American workers will experience a shift in the Social Security full retirement age. Learn how this change impacts future retirees and what you need to know if you're planning to retire.

In your Breakdown: the retirement age is being pushed back again in 2025 and there is a smaller cost of living adjustment coming than last year.

Social Security has a big birthday coming up next year -- it's turning 90! It's kept many millions of people out of poverty for decades and was recently supporting more than 71 million people with around $1.5 trillion in benefits for the year.

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,