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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Michelle C.
My husband works for the international longshoremen association fee was 53 when he passed away. I was told that I had to wait 10 years to get his pension until he was old enough to retire. I’ve been on disability for 25 years I am living under the poverty level is there anything I can do to get in early pension out to get some kind of help from
TIMOTHY M.
Both my wife and I are 62. she can collect social security on her own. I do not plan to retire till age 67. My social security will be substantially higher than hers.
Question: If she starts collecting hers at age 62, is she still eligible to collect half of mine when I retire, and if so, is there a offset applied?
A.C.
Hi, Timothy. If a person begins to receive benefits at age 62 or prior to their full retirement age, their benefits are reduced. The reduction factors are permanently applied to all of the benefits the person may qualify for. Your wife may still be eligible to collect reduced benefits on your record when you apply. Remember, if someone is eligible for both, his or her own benefit and for benefits as a spouse, we always pay their own first. If their spousal benefits are higher than their own retirement benefits, he or she will get a combination of benefits equaling the higher spouse benefit. Please visit our Retirement Planner: Benefits For Your Spouse for more information.
Vaibhav
You have well define your blog.Information shared is useful.
CAROL J.
if your spouse dies before you reach full retirement age,can you still draw their benefits
Elfreto D.
Do I need to make appointment before I turn 66 years old for my retirement I do not want to be penalized my birthday is in november
R.F.
Hello Elfreto. Our system is set up to take applications three months in advance, and you can apply for your retirement benefits online.
Remember that benefits are paid the month after they are due. So, for instance, if you want your benefits to begin with the month of November, you will receive your first benefit payment in December.
You can create a my Social Security account to review your earnings record and get an estimate of your future benefits. If you have specific questions, you can call our toll-free number, 1-800-772-1213 (TTY 1-800-325-0778) for assistance. Representatives are available between 7a.m. and 7p.m., Monday through Friday. Generally, you’ll have a shorter wait time if you call later in the week.
We hope this information helps!
charles w.
I need to know when I can retire and work and not have a reduction in benefits. I was born in 1-7-1953
R.F.
Thank you for your question, Charles. The earliest age individuals can apply for retirement benefits is 62, but if you decide to get benefits before your full retirement age, your benefits will be reduced.
You earn delayed retirement credits automatically when and if you delay getting your benefit up until age 70.
Most people age 65 or older are eligible for free Medicare Hospital Insurance (Part A). Remember to sign up for Medicare only online if you delay your retirement benefits.
If you work and are younger than full retirement age and make more than the yearly earnings limit, your earnings may reduce your benefit amount.
If you work and are full retirement age or older, the amount you make at work will not affect your Social Security benefits, no matter how much you earn. If you were born January 2, 1943, through January 1, 1955, then your full retirement age for retirement insurance benefits is 66.
See “Getting Benefits While Working” for more information.
When you are ready, you can complete the online application in as little as 15 minutes. Also, you can create a my Social Security account to review your earnings record and get an estimate of your future benefits.
If you have specific questions, you can call our toll-free number, 1-800-772-1213 (TTY 1-800-325-0778) for assistance. Representatives are available Monday through Friday, between 7 a.m. and 7p.m. Generally, you’ll have a shorter wait time if you call later in the week.
We hope this information helps!
dave l.
what is the date of Full retirement for myself since I was born on Sept 8, 1952.
Phyllis M.
My husband became disable before his retirement age. Since then his disability switch to retirement. Will I still get my 46 percent at 62 ?
R.F.
Hello Phyllis, if you begin receiving spouse benefits between age 62 and your full retirement age, the amount will be permanently reduced by a percentage based on the number of months up to your full retirement age.
Keep in mind that if you qualify for benefits on your own record, we will pay that amount first. If the benefit on your husband’s record is higher, you will get an additional amount on your record so that the combination of benefits equals that higher amount. See “Benefits For Your Family” for more information. Thanks!
Peggy S.
I am almost 64 years old and lost my job about a year ago. I have looked all this time for another job but no one will hire me now at my age. Should I file for social security now or can I wait until I am 66 years old to file so that I would get the full benefit if possible. Also my husband is 2 years younger than I am and is still working and is the higher earner and I don’t want to start social security if it will make his benefit lower.
R.F.
Hi Peggy, please bear in mind that the decision on when to apply for benefits is a personal one. We can only provide you with the information to help you make the best choice according to your own situation.
Starting your benefits early will not have an effect on your husband’s own retirement benefit. However, if a person files and starts receiving retirement benefits at age 62 or any time prior to their full retirement age, their benefit amount is reduced. The reduction factors are permanently applied to all benefits an individual may qualify for.
In the other hand, you earn Delayed Retirement Credits when and if you delay getting your benefit up until age 70.
We have a variety of calculators to help you plan for the future. Which calculator you choose depends on what you want to do. You can also create a my Social Security account to verify your earnings, get your Social Security Statement, and get an estimate of your future benefits. We hope this information helps!
Margaret G.
I am 74 and still working. A friend told me that my Social Security is taxed and I disagreed and then started to worry. How much can I make and not get taxed.
K.O.
Great question Margaret, some people who get Social Security must pay federal income taxes on their benefits. But, no one pays taxes on more than 85 percent of their Social Security benefits.
You must pay taxes on your benefits if you file a federal tax return as an “individual” and your “combined income” exceeds $25,000. If you file a joint return, you must pay taxes if you and your spouse have “combined income” of more than $32,000. If you are married and file a separate return, you probably will have to pay taxes on your benefits.
See Benefits Planner: Income Taxes and Your Social Security Benefits for more information.