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 is eligible to retire beginning age 62. If choosing this as a retirement age, a person may apply at age 61 years 9 months. An application should never be made more than four months prior to the time that benefits are desired. There are three ways to apply for retirement benefits.