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.
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.