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2017 Brings New Changes to Full Retirement Age
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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Help Rescue Starving Orcas
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Beautiful, intelligent and social Orcas are literally starving to extinction. The Southern Resident wild Orca population, which inhabits the Northwest portion of the Pacific Ocean, is down to fewer than 80 individuals. Their main food source, Chinook salmon, is also endangered. Scientists have concluded the single best thing we can do to save wild salmon in the Northwest is to take down four dams on the lower Snake River in Washington. The U.S. Army Corps of Engineers, the Bureau of Reclamation and the Bonneville Power Administration have invited the public to comment on the revised plan for long-term management of the 29 federal dams in the Columbia River basin, which includes the lower Snake River. When Orcas don’t get enough salmon to eat, they become weakened and vulnerable to a host of other threats, from toxins to noise to harassment to birth complications. With birth rates low and calf mortality high – even under the best of circumstances – we must act now to break this cycle. And salmon are the key.
The Columbia and Snake rivers of the Pacific Northwest once hosted the world’s greatest wild salmon runs, with up to 16 million fish each year. Today, it is the most heavily dammed river system on Earth. In fact, four dams on the lower Snake River are driving all remaining Snake River salmon toward extinction. Since the dams were completed, these salmon populations have plummeted by more than 90%. We have the opportunity to bring about the greatest wild salmon restoration in history. Please raise your voice today! Sincerely,
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