India, June 19 -- The Social Security Administration (SSA) has officially increased the Full Retirement Age (FRA) for beneficiaries from 65 to 67 years. This change will directly impact the time and quantum of benefits retirees receive and has been enacted due to a blend of social and economic factors.

This change is part of a series of policies implemented since 1983 which progressively adjust the FRA according to the beneficiary's year of birth. For those born after 1960, this bracket has now been raised by two years to 65.

The previous benefit structure and age brackets were implemented back in 1935 when an average person was expected to live up to 61 years old. However, due to rapid medical advancement and technological growth, the ...