US retirement age hits 67 by 2026: Early retirees to lose up to 30% in benefits- what it means for social security income

Starting in 2026, the full retirement age for social security will rise to 67, impacting retirement plans for millions. Early retirement at 62 could mean a 30% benefits reduction. Reforms enacted in 1983 addressed financial challenges, but trust funds may only cover full benefits until 2034, potentially reducing monthly payments.