This is from an article in the Social Security Bulletin.
In case you're having trouble understanding these charts, they show that the vast majority of men and women go on Social Security retirement benefits before full retirement age. Any increase in the full retirement age functions far more as a benefit cut than as an incentive to work longer. The vast majority of people can't make it to full retirement age now. How can increasing full retirement age affect them other than to cut their benefits?
|FRA refers to Full Retirement Age, which used to be 65, is 66 now and will become 67.|