For example, while Americans born between 1950 and 1964 could maintain their current full retirement ages of between 66 and 67, the full retirement ages for Americans born after 1965 could be increased by two to four months each year until the average life expectancy at full retirement age returned to approximately 15 to 16 years.
Individuals who are a few years shy of their full retirement age and who are out of work (not necessarily for health reasons) may seek SSDI benefits to avoid the reduction in Social Security retirement benefits associated with an early labor force exit.
For those presently approaching this milestone, the full retirement age is between 66 and 67.
With a full retirement age of 67, the age categories could then be constructed as follows: closely approaching advanced age (55-58.
Exhibit 1 presents full retirement ages based on the year of birth.
First the Social Security Administration reports that approximately 73% of retired worker beneficiaries elect to begin collecting Social Security benefits before their full retirement age (OASI Monthly Statistics, June 2007, Table 3).
EXHIBIT 1 Full Retirement and Age 62 Benefits, by Year of Birth Year of Birth Full Retirement Age 1937 or earlier 65 1938 65 years, 2 months 1939 65 years, 4 months 1940 65 years, 6 months 1941 65 years, 8 months 1942 65 years, 10 months 1943-1954 66 1955 66 years, 2 months 1956 66 years, 4 months 1957 66 years, 6 months 1958 66 years, 8 months 1959 66 years, 10 months 1960 and later 67 Source: Section 723.
This means that some people can collect early benefits up to 48 months before full retirement age, and others only up to 47 months.
Social Security benefits are further reduced when a person younger than full retirement age earns more than a minimal (or exempt) amount of income.
Beneficiaries reaching full retirement age during the calendar year have a higher threshold than beneficiaries who have not reached full retirement age during the calendar year.
A majority of the French support the protests against planned legislation to raise the minimum and full retirement ages
by two years to 62 and 67 respectively, a measure the government says is the only way to rein in a growing pension deficit.