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Abstract: 

Federal policies offer incentives to retire both earlier and later than Social Security’s full retirement age of 67. Reduced Social Security benefits are available at age 62, while the elimination of the Social Security earnings test in 2000 for those at or above their full retirement age is an incentive to keep working past that age. Medicaid’s eligibility age of 65 also encourages those without health insurance to wait until at least that age to retire. Federal tax rules concerning when retirement funds can be withdrawn from pensions without tax penalties also encourage some to retire early. These were a number of the factors analyzed in detail by the Government Accountability Office in “Federal Policies Offer Mixed Signals About When To Retire.”

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