One of the many things people look forward to over the course of their working careers is the prospect of having enough money at a certain age to peacefully retire and enjoy the remainder of life with minimal worries. Over the years however, the general retirement age has undergone changes to fit current mindsets and economies. So what is the age of full retirement now in 2017? The answer to that depends on a number of factors, particularly possible changes in the Social Security program that have taken effect recently and possibly more to come in the future.
As of this new year, the official age for full retirement is exactly 66 years and two months for anyone who is born between January 2, 1955 and January 1, 1956. The new age to receive partially retired benefits is upon the individual’s 62nd birthday so long as it is in 2017 or later. This is actually an increase from years past by a year. This was primarily changed because the average lifespan of individuals has been increasing. It is expected to increase again to age 67 for all people born 1960 and later.
What does it mean to reach full retirement age? Full retirement age is the point in which an older individual is eligible to receive all of the available benefits from the United States Social Security program. As far are retirement goes, there is a scale that dictates which people can receive which benefits. People who are only partially retired will appropriately receive less benefits than those who are fully retired. That is why age makes a difference when a person decides to declare retirement and start collecting Social Security.
If you or someone you know is experiencing problems with applying for or obtaining financial benefits from the Social Security program, then we at the Franco Law Firm are here to help you along the process, as we have with many people in the Tampa Bay area. To learn more and to schedule a free consultation, please call us at (813) 872-0929.