There’s no specific “new Social Security age rule”

starting in November. However, Social Security rules regarding retirement age and benefits are crucial to understand. Here’s what you need to know:

Full Retirement Age and Benefits

– Full Retirement Age (FRA): For people born in 1958, FRA is 66 years and 8 months, while for those born in 1959, it’s 66 years and 10 months, and 67 for individuals born in 1960 or later.

– First Payment: If you claim benefits at FRA, your first payment generally arrives in the month after you attain that age.

Earnings Limit and Benefits

– Earnings Limit: If you apply for benefits before FRA and earn above the annual limit ($23,400 in 2025), your benefits may be reduced.

– First Year Rule: Income earned before retirement doesn’t count toward the annual limit in the first year of retirement. Only income earned after starting benefits counts.

– Monthly Limit: In the first year, a monthly earnings limit applies ($1,860 in 2024). Exceeding this limit may result in lost benefits for that month ¹.

Key Considerations

– Benefit Reduction: If you earn above the limit before FRA, your benefits are reduced by $1 for every $2 earned above the limit.

– Benefit Increase: Working beyond FRA can increase your benefits if your earnings are among your highest years.

– Application Timing: Apply for benefits three months before your planned start date to ensure timely processing ².