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.
A person may retire at whatever age they please. However, a country's tax laws or state old-age pension rules usually mean that in a given country a certain age is thought of as the standard retirement age. The standard retirement age varies from country to country but it is generally between 50 and 70 (according to latest statistics, 2011).