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In the United States, while the normal retirement age for Social Security, or Old Age Survivors Insurance (OASI), historically has been age 65 to receive unreduced benefits, it is gradually increasing to age 67. For those turning 65 in 2008, full benefits will be payable beginning at age 66.
In 2014, full retirement age is 66 or older. If someoneâs full retirement age is 66 and they choose to begin Social Security retirement benefits at age 62, they will receive approximately a 25 percent reduction in the benefit amount they would have received at age 66, and this reduction continues for their life.or each year after 1954, the full retirement age is increased by 2 months until age 67 is reached for all born in 1960 and later. For example, for someone born in 1955, their full retirement age is 66 years and 2 months. Born in 1956, their full retirement age is 66 years and 4 months.