Older people face Trump tariffs, leaving concerns are increasing, stock sales
Vicky Knight, a retired educator and part-time yoga instructor, says she feels she’s thinning. “I’m semi-retired,” Marietta, Georgia says her Social Security income is not enough to live, and recent stock market sales fueled by tariff uncertainty complicates her plans.
A full Social Security check no longer reaches 65. As of January 1, 2026, the Social Security Agency (SSA) will apply the critical changes. For all people born after 1960, the age of full retirement is set at 67.
Millions of Hispanic workers in the US are preparing to retire, and understanding how this change directly affects monthly amounts is key.
Why doesn’t everyone retire at 65?
For decades, retirement at 65 guaranteed a full Social Security payment. However, due to increased life expectancy and population, Congress began to change its rules in 1983. Since then, the age of full retirement (FR) has gradually increased.
According to the Social Security Agency (SSA):
- Those born between 1943 and 1954 can retire at 66.
- Between 1955 and 1959, age increases until reaching 66 years and 10 months.
- As of 1960, the age of full retirement has officially been 67 years old and has been in effect since 2026.
This will be the endpoint of progressive growth. No new adjustments are expected unless Congress proposes other reforms in the future.
What happens if I previously decided to retire?
The minimum legal age requiring social security remains at 62 years. However, doing so before all ages means accepting a permanent reduction of 25% to 30% per month.
For example, a person who is entitled to $2,000 a month will only receive $1,400 if they retire five years earlier than expected. This penalty applies to life, even if you decide to work again later.
What happens if I decide to wait beyond 67?
Delaying retirements also benefit from benefits, according to the Social Security Administration. In the case of a year when withdrawal is postponed, the monthly amount increases by about 8% per year to 70 years.
In the current diagram (2024), the greatest profit could be over $4,800 a month for those waiting up to 70. This difference can be converted to tens of thousands of dollars throughout your lifetime.
How do you know what your retirement age is and how much you will receive?
The Social Security Administration recommends creating a free account with “My Social Security.”
- Please consult with the retirement age that corresponds to you, depending on your year of birth.
- Simulate the amount you will receive if you retire in 1962, 1967, or 70 years.
- Compare scenarios and make better informed financial decisions.
The portal is available in Spanish and also allows access to work and income.
Why was this change?
Social Security Reform in 1983 met urgent needs. This is to ensure the sustainability of the system against population aging.
With the gradual increase in retirement age, financial pressure on trustees was sought without directly reducing profits. This was the migration schedule:
- 2021: 66 years and 2 months
- 2022: 66 4 months
- 2023: 66 years and 6 months
- 2024: 66 8 months
- 2025: 66 years and 10 months
- 2026: 67 years old (all ages)
Things to remember
- For anyone born since 2026 and after 1960, the full retirement age will be 67.
- I’m ecstatic before I cut my checks forever. Up to 30%.
- Waiting 70 years could increase your monthly profit to 32%.
- Check out personalized scenarios on SSA.gov or on the platform My social security.
contribution: Mike Snyder, USA TODAY
Boris Q’va is a national news reporter for Spanish trends on the Connect/USA Today network. You can follow him on X as @boborisqva or email him at bbalsindesurquiola@gannett.com.
