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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Shelley K.
When I submitted my application in Jan 2015, I requested my benefits start May 2015. I received a letter from SS stating my benefits would start May 2015. I had been receiving my same benefit through Oct 2016; then the SSA sent me a letter stating that I requested benefits to starry Jan 2015, which is untrue. Now SSA is reducing my benefits. I have written several letters and shown evidence to Harrisburg PA office, but I have received no satisfaction from SSA. They took away some of the money they previously issued to me. HELP!
R.F.
We regret to hear about your situation Shelley. Unfortunately, your situation is a complex one and outside the scope of what can be handled via this forum. You can write to us and provide us with more information about your case. Thanks.
anita b.
My husband is 65 and a LPR Green Card holder and will soon be a US citizen this summer. I am 59. Can my husband file for Medicare using my work history now, or do we have to wait 6 years until I turn 65? Also can he claim any of my Social Security? If so, at what age do we both have to be for him to do so?
A.C.
Hi, Anita. Anyone aged 65 or older who does not have 40 credits and therefore not insured, will have to pay premiums for both Medicare Part A & B. Individuals can also qualify for Medicare on their spouse’s record if the spouse is insured, and age 62 or older. You must be age 62 and eligible for retirement or disability benefits in order for your husband to get spouse’s benefits. Under certain conditions, people age 65 or older, who are citizens or permanent residents of the United States, but are not insured, can buy Medicare Parts A (Hospital) and B (Medical Insurance). Please call our toll free number at 1-800-772-1213 Monday through Friday, between 7 a.m. and 7 p.m. and speak with one of our agents. To learn more about Medicare, who is covered, and how to apply, check out our publication entitled, Medicare.
Pat
I started spousal benefits at my full retirement age (66) and will claim my own benefit when I retire at age 70. Will the years of highest earnings end at 66 for me or at age 70? Thanks.
A.C.
Great question, Pat! For retirement benefits, we base your benefit payment on your highest 35 years of earnings and your age when you start receiving benefits. Higher lifetime earnings result in higher benefits. We hope this helps.
Eric S.
I was born in Dec 51, and am a little less than a year away from full retirement at 66. Luckily I may be earning much more this year than I ever have in a single year. I have heard that benefits are based on your “best year’s earnings.” Will earning a lot in my last year raise my benefits to where they would be if I earned this large an amount in the years before?
R.F.
Good question Eric. The amount of the Social Security benefit you receive is established at the time you apply for Retirement Benefits. It is based on the amount of your average lifetime earnings and your age at the time you apply. Generally, we use the highest years of earnings to calculate your monthly benefit amount. You can use our online calculator where you can test various scenarios and retirement ages to estimate your benefits. You can also create a my Social Security account to review estimates of your retirement, disability, and survivors benefits, your earnings record, and the estimated Social Security and Medicare taxes you’ve paid. We hope this information helps.
Ginny
Good Afternoon. I have a question concerning when I retire. If I choose to retire early at 64 instead of 66 and 2 months ( I was born in 1955) what percentage would I receive? I assume the amount is pro-rated from early retirement at 62 vs. full retirement? I stopped working last year and I no longer am paying into the system. Thank You in advance!
R.F.
Hi, Ginny. Thanks for your question. For persons born in 1955, the approximate percentage received at age 64 is 85.6. For more information, visit our webpage: Full Retirement Age: If You Were Born in 1955. Keep in mind, reduction factors are permanently applied to all of the benefits the person may qualify for. To get an estimate for different scenarios and ages, please consider using our Retirement Estimator. We hope this helps.
Cathleen
I was approved for SSDI in Jan. 2017. I will be turning 62 in May & I am wondering does my SSDI change over to SS payments. Or does it change over when I turn 66 & 2 months. Also, if it changes at age 66 does the payment change to the higher amount for full retirement or is my check now considered the full retirement amount. Thank You!
R.F.
Great question Cathleen. If you were born in 1955, your full retirement age is 66 and 2 months. When you reach full retirement age, we will automatically convert your disability benefits (SSDI) to retirement benefits, but the amount remains the same. Disability payments are established at the highest rate possible, meaning you are getting the highest benefit amount payable, based on your earnings record. We hope this helps.
Ginny
Good morning. I stopped working when I turned 61. I have 30 years in of covered work and I do not intend to work again. Will I still get less if I file at 62 instead of 66 and 2 months?
R.F.
Great question Ginny. You may start receiving Social Security retirement benefits as early as age 62, but if you decide to get benefits before your full retirement age, they will be reduced. The reduction factors are permanently applied to all benefits an individual may qualify for, once they opt to start benefits at age 62 or at any time prior to their full retirement age. The longer you wait, the higher your monthly benefit will be. Generally, you will need to have 40 “credits”, or 10 years of paying Social security taxes to qualify for any type of Social Security benefit. You may find our Early or Late Retirement Calculator helpful. Happy planning!
Michele
I will be 62 this year. My husband, who is 63, will be eligible for full retirement benefits at age 66. If I start collecting on my social security this year, will I get an increase as a spouse when he starts receiving his benefits in 3 years?
Adrienne
Well, I have a different question on here! I am currently on a repayment plan from when I tried to retire from working when I turned 62. It didn’t work out and it was my fault for owing the money back to SS. I have been making regular payments now but I will be 66 in May. What will happen next? Will I still keep getting my checks withheld or will I start receiving them again, with my monthly payment taken out?
R.F.
Hi Adrienne. If you were born January 2, 1943, through January 1, 1955, then your full retirement age for retirement insurance benefits is 66. If you reach full retirement age in 2017, the limit on your earnings for the months before full retirement age is $44,880. When you work and you attain your full retirement age, the amount you make at work will not affect your Social Security benefits, no matter how much you earn. You should contact your local office as soon as possible to discuss your earnings. You may also request “partial withholding of your benefits” to repay the overpayment. Please call our toll-free number at 1-800-772-1213 for further assistance. Representatives are available between 7 a.m. and 7 p.m., Monday through Friday, but you will generally have a shorter wait time if you call later in the week.Thanks.
William
My wife is on disability. When I file for SS retirement benefits will it reduce her disability benefits?
R.F.
Hi William. If your wife gets Social Security disability, her benefit will likely stay the same. If she receives disability benefits under the Supplemental Security Income or SSI program, your retirement benefit income, may change her SSI benefit. Please call our toll free number at 1-800-772-1213 and speak to one of our agents if you have specific questions. Representatives are available Monday through Friday, between 7 a.m. and 7 p.m. Also, visit our Retirement Planner: Benefits For Your Spouse for additional information.