Details on the SSA Changes

Starting with people born in 1938, the eligibility age will rise by two months for each year until it reaches 66 for those born in 1943. It remains 66 for everyone born through 1954.
The two-month-a-year climb begins again in 1955 until it reaches 67 for those born in 1960 or later.
If people whose eligibility age is 66 retire at 62, benefits will be cut 25 percent. The current reduction is 20 percent. Those whose eligibility age is 67 will see a 30 percent reduction if they retire at 62.
The yearly benefit increase for those who wait past their eligibility age to collect Social Security will rise, up to 8 percent for those born in 1943 or later up through age 70.

If you were born in...	You will turn age 62 in...	The percentage of benefits you receive if you retire then is...	To collect 100% of your benefits, you need to retire when you turn ...
1937	1999 & before	80%	65 yrs.
1938	2000	79 1/6%	65 yrs., 2 mo.
1939	2001	78 1/3%	65 yrs., 4 mo.
1940	2002	77½%	65 yrs., 6 mo.
1941	2003	76 2/3%	65 yrs., 8mo.
1942	2004	75 5/6%	65 yrs., 10 mo.
1943 - 54	2005 - 16	75%	66 yrs.
1955	2017	74 1/6%	66 yrs., 2 mo.
1956	2018	73 1/3%	66 yrs., 4 mo.
1957	2019	72½%	66 yrs., 6 mo.
1958	2020	71 2/3%	66 yrs., 8 mo.
1959	2021	70 5/6%	66 yrs., 10 mo.
1960 & later	2022 & later	70%	67 yrs.