2017 Brings New Changes to Full Retirement Age
Reading Time: 2 MinutesLast Updated: August 19, 2021
Every worker’s dream is to enjoy a secure retirement. Social Security is here to secure today and tomorrow. Part of that commitment is ensuring you have the most up-to-date information when you make your retirement decisions.
As the bells ring in the New Year, they also bring changes for new Social Security retirement beneficiaries. Full retirement age is 66 and two months for people born 01/02/1955 through 01/01/1956. They are eligible to receive permanently reduced retirement benefits when they turn 62 in 2017.
Full retirement age is the age at which a person first becomes entitled to full (unreduced) retirement benefits. It had been 65 for many years. However, beginning with people born in 1938 that age has been gradually increasing until it reaches 67 for people born in 1960 and later.
As the full retirement age continues to increase, there are greater reductions in benefits if you claim them before you reach full retirement age. For example, if you apply for benefits in 2017 at age 62, your monthly benefit amount will be reduced nearly 26 percent.
You can find your full retirement age, along with other important information, on our website.
Some things you must remember when you’re thinking about retirement:
- You may start receiving Social Security benefits as early as age 62 or as late as age 70. The longer you wait, the higher your monthly benefit will be.
- Your monthly benefits are reduced permanently if you start them any time before full retirement age.
- If you die, your retirement date can affect the payment to your surviving widow or widower. If you started receiving retirement benefits before full retirement age, we cannot pay your surviving spouse their full retirement age benefit amount. We base their benefit on the amount of your reduced benefits.
- If you elect to receive benefits before you reach full retirement age, you should understand how continuing to work affects your benefits.
You can learn more by reading our publication, When to Start Receiving Benefits or visiting our Retirement Planner.
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Tags: full retirement age, retirement benefits, Social Security benefits
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Jim Borland, Assistant Deputy Commissioner, Communications
Jim Borland, Assistant Deputy Commissioner, Communications
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Charles s.
Born 7/22/1952
What is my full retirement age ?
If I work will I be penalized ?
Maureen R.
I am currently receiving my husband’s social security. I will be 70 on October 4th 2019 and want to collect my full social security. My question is when should I make the change?
Ray F.
Hello Maureen. Our system is set up to take applications three months in advance. When ready, you can apply for your benefits online. If you do not wish to use the online application, you can call our toll free number at 1-800-772-1213 for assistance. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Or you can visit your local Social Security office. An appointment is not required, but if you call ahead and schedule one, it may reduce the time you spend waiting to apply.
Thanks!
rolando G.
Nací en el 1954 Me retiro a los 62 cuando recibiré mi retiro completo a los 65
Pankaj K.
Pension ” Rs. 1,25,000/-
F.D. Interest Rs. 10,00,000/-
Bank Interest Rs. 16869/-
Share (short term) Rs. 31884/-
Deduction:
PPF : rs. 1,50,000/-
TDS collected Rs. 1,00,000/-
James
How much money will I receive if I retire at 62 when I was born July 1st 1957
Ray F.
Hello James, our Retirement Estimator is exactly the calculator you are looking for! It gives you future estimates of your monthly Social Security benefits based on your actual Social Security earnings record.
In addition, we have a variety of other calculators to help you plan for the future. Which calculator you choose depends on what you want to do. Also, we suggest that you create a my Social Security account. With your personal my Social Security account, you can verify your earnings, get your Social Security Statement, and much more. We hope this helps!
Jeanette
If I retire at full retirement age of 66 in 2018, will I get an increase each year till I am receiving what I would get at age 70
Ray F.
Hello Jeanette, you can only earn delayed retirement credits if you delay getting benefits up until age 70. Thanks!
sheela c.
Hi,
my date of birth is 02121957, am I elegible for to take a retirement ?
thanks,
sheela choudhuri
Ray F.
Hi Sheela. The earliest age you can apply for reduced retirement benefits is 62. We suggest you create a my Social Security account to review your earnings record and get an estimate of your future benefits. Thanks!
Darlene S.
Can I claim my as benefits at 70 I am receiving my deceased husband as on
Cindy S.
I haven’t received my retirement paperwork yet in the mail, with my overall lifetime earnings. This being said I need to look at the estimator page to get an idea, but I would still like to have my own copy of this for my records. Thanks, Cindy Schauf 670 Candy Avenue Reno Nevada 89509
Marty
Are you able to take out a loan or withdrawal from Social Security like you can from Thrift Savings plan? Is there anyway to withdrawal from your Social Security benefits before age 59 1/2 without it being for disablility?
Ray F.
Hi Marty, Social Security does not make loans. The earliest age you can apply for reduced retirement benefits is 62. See our Retirement Planner for more information. Thanks!