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MIAMI – Younger Americans who can’t wait to start collecting their Social Security benefits at the age of 65, the U.S. government just handed down some bad news.

The retirement age has been increased: people born in 1959 will have to wait until they are 66 years old and those born in 1960 must wait until the age of 67.

A 1983 law allows the U.S. government to raise the Social Security retirement age for growing life expectancy.

According to the SSA, a beneficiary eager to cash in may see a reduction in payments as high as 30%, depending on when they began receiving benefits before the FRA

Social Security benefits are monthly figures calculated based on a person’s earnings during the years they were employed.

Americans don’t have to wait until the ripe FRA to claim benefits, though.

Retirees start receiving payments as early as 62 years of age; however, their monthly payments will be reduced.

Experts suggest holding out until age 70 to get the maximum benefits from the Social Security plan.