Social Security Reporting Information and Full Retirement Age Table for Homestead Exemption Applicants

Per Neb. Rev. Stat. § 77-3504 of the homestead exemption laws, household income must include social security retirement and Tier I railroad (social security equivalent) retirement benefits.

Social Security– Conversion from disability benefits to retirement benefits occurs at FULL RETIREMENT AGE per the Social Security Administration.

Excerpt from SSA Publication No. 05-10035

Full retirement age

The “full retirement age” is 65 for people who were born before 1938. But because of longer life expectancies, the Social Security law was changed to gradually increase the full retirement age until it reaches age 67. This change affects people born in 1938 and later. Check the following table to find your full retirement age.

 

Age to Receive Full Social Security Benefits

NOTE: People who were born on January 1 of any year should refer to the previous year.
 

Year of birth

Full retirement age

1937 or earlier

65

1938

65 and 2 months

1939

65 and 4 months

1940

65 and 6 months

1941

65 and 8 months

1942

65 and 10 months

1943-1954

66

1955

66 and 2 months

1956

66 and 4 months

1957

66 and 6 months

1958

66 and 8 months

1959

66 and 10 months

1960 and later

67

Early retirement

You can get Social Security retirement benefits as early as age 62, but if you retire before your full retirement age, your benefits will be permanently reduced, based on your age. For example, if you retire at age 62, your benefit would be about 25 percent lower than what it would be if you waited until you reach full retirement age.

Note: Sometimes health problems force people to retire early. If you cannot work because of health problems, you should consider applying for Social Security disability benefits. The amount of the disability benefit is the same as a full, unreduced retirement benefit. If you are receiving Social Security disability benefits when you reach full retirement age, those benefits will be converted to retirement benefits.

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