MN Social Security Retirement Age To Change In 2025

MINNESOTA — Social Security applicants will face a growing retirement age beginning in 2025.

The age for which workers become eligible for 100 percent of their retirement benefits has been 65 for the past several years, but that threshold is about to shift thanks to a law passed by Congress in 1983 to incrementally raise the age to match the growing expected lifespan, according to the Social Security Administration.

While those aged 62 can already begin collecting some retirement benefits, taxpayers cannot receive 100 percent of their lifetime earnings until they reach full retirement age.

The full retirement age has gradually increased by two months each year. For individuals born in 1958, it is 66 years and 8 months. By 2025, it will reach 67 years for those born in 1960 or later.

Those who don't apply for benefits until after that full retirement age can also get a form of backpay or delayed retirement credits that increase monthly payments.

But the retirement age isn't the only change in store for social security. A modest cost-of-living adjustment of 2.5 percent will also take effect, boosting retirement benefits by about $50 a month beginning in January, according to the SSA. The adjustment is based on inflation as its reported by the Consumer Price Index.

In Minnesota, more than 887,000 retired residents were collecting social security benefits in 2023, according to the SSA.