Health Care Reform: Safe Harbor for Determining Full-Time Employee Status. New guidance has been issued on two requirements under the Patient Protection and Affordable Care Act (the Act) that will become effective in 2014.
Early retirement benefits will continue to be available at age 62, but they will be reduced more. When the full-benefit age reaches 67, benefits taken at age 62 will be reduced to 70 percent of the full benefit and benefits first taken at age 65 will be reduced to 86.7 percent of the full benefit.
Age 62: This is the earliest age you can begin to receive retirement benefits. Your monthly benefit will be permanently reduced. Age 66: This is currently âfull retirement ageâ (FRA). If you delay the start of benefits until you reach this age, you will receive 100% of the benefit you earned. In addition, you will have more choices about how you can take your benefit.(1) Age 70: This is the latest age you want to file for benefits.