To amend title II of the Social Security Act to set the retirement benefits age for today's four-year-olds at age 70.

Summary: Retirement Security for Today's Four-Year Olds Act of 2011 - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to increase the age for retirement to 70 and the early retirement age to 65 as of January 1, 2069.

Revises requirements accordingly for calculation of the first and the second retirement age increase factors.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Retirement Security for Today's 
Four-Year-Olds Act of 2011''.

SEC. 2. INCREASE IN THE FULL RETIREMENT AGE AND THE EARLY RETIREMENT 
              AGE.

    (a) In General.--Section 216(l) of the Social Security Act (42 
U.S.C. 416(l)) is amended to read as follows:

               ``Retirement Age and Early Retirement Age

    ``(l)(1) The term `retirement age' means--
            ``(A) with respect to an individual who attains the 
        applicable reference age (as defined in paragraph (4)) before 
        January 1, 2000, 65 years of age;
            ``(B) with respect to an individual who attains the 
        applicable reference age after December 31, 1999, and before 
        January 1, 2005, 65 years of age plus the number of months in 
        the first age increase factor (as determined under paragraph 
        (3)(A)) for the calendar year in which such individual attains 
        the applicable reference age;
            ``(C) with respect to an individual who attains the 
        applicable reference age after December 31, 2004, and before 
        January 1, 2017, 66 years of age;
            ``(D) with respect to an individual who attains the 
        applicable reference age after December 31, 2016, and before 
        January 1, 2022, 66 years of age plus the number of months in 
        the first age increase factor (as determined under paragraph 
        (3)(A)) for the calendar year in which such individual attains 
        the applicable reference age;
            ``(E) with respect to an individual who attains the 
        applicable reference age after December 31, 2021, and before 
        January 1, 2023, 67 years of age;
            ``(F) with respect to an individual who attains the 
        applicable reference age after December 31, 2022, and before 
        January 1, 2069, 67 years of age plus the number of months in 
        the second age increase factor (as determined under paragraph 
        (3)(B)) for the calendar year in which such individual attains 
        the applicable reference age; and
            ``(G) with respect to an individual who attains the 
        applicable reference age after December 31, 2068, 70 years of 
        age.
    ``(2) The term `early retirement age' means--
            ``(A) in the case of an old-age, wife's, or husband's 
        insurance benefit--
                    ``(i) with respect to an individual who attains the 
                applicable reference age before January 1, 2023, 62 
                years of age;
                    ``(ii) with respect to an individual who attains 
                the applicable reference age after December 31, 2022, 
                and before January 1, 2069, 62 years of age (in the 
                case of an old-age, wife's, or husband's insurance 
                benefit), plus the number of months in the second age 
                increase factor (as determined under paragraph (3)(B)) 
                for the calendar year in which such individual attains 
                the applicable reference age; and
                    ``(iii) with respect to an individual who attains 
                the applicable reference age after December 31, 2068, 
                65 years of age; and
            ``(B) in the case of a widow's or widower's insurance 
        benefit, 2 years less than the age provided under subparagraph 
        (A).
    ``(3)(A) The first retirement age increase factor for any 
individual who attains the applicable reference age in a calendar year 
within the 5-year period consisting of the calendar years 2000 through 
2004 or the calendar years 2017 through 2021 shall be equal to \2/12\ 
of the number of months in the period beginning with January of the 
first calendar year in such period and ending with December of the year 
in which the individual attains the applicable reference age.
    ``(B) The second retirement age increase factor for any individual 
who attains the applicable reference age in the 46-year period 
consisting of the calendar years 2023 through 2068 shall be equal to 
\3/47\ of the number of months in the period beginning with January 
2023 and ending with December of the year in which the individual 
attains the applicable reference age. In any case in which the second 
age increase factor for any calendar year is not a whole number of 
calendar months, such factor shall be deemed to be equal to the next 
lower whole number of calendar months.
    ``(4) The term `applicable reference age' means 62 years of age (in 
the case of an old-age, wife's, or husband's insurance benefit) and 60 
years of age (in the case of a widow's or widower's insurance 
benefit).''.
    (b) Conforming Extension of Maximum Age for Entitlement to Delayed 
Retirement Credit.--Section 202(w)(2)(A) of such Act (42 U.S.C. 
402(w)(2)(A)) is amended--
            (1) by striking ``prior to the month in which such 
        individual attained age 70, and'' and inserting ``prior to the 
        later of--''; and
            (2) by adding at the end the following:
                    ``(i) the month in which such individual would 
                attain age 70, or
                    ``(ii) the month which ends 3 years after the end 
                of the month in which such individual attained 
                retirement age (as defined in section 216(l)), and''.
    (c) Conforming Increase in Number of Elapsed Years for Purposes of 
Determining Primary Insurance Amount.--Section 215(b)(2)(B)(iii) of 
such Act (42 U.S.C. 415(b)(2)(B)(iii)) is amended by striking ``age 
62'' and inserting ``early retirement age''.
    (d) Study Relating to Additional Conforming Amendments.--
            (1) In general.--As soon as practicable after the date of 
        the enactment of this Act, the Commissioner of Social Security, 
        in consultation with the Secretary of the Treasury and the 
        Secretary of Health and Human Services, shall conduct a study 
        of the additional technical and conforming amendments to title 
        II of the Social Security Act and other relevant provisions of 
        law relating to the age of a beneficiary or applicant for 
        benefits which are necessary to effectively carry out the 
        programs provided for under such title and other provisions, 
        taking into account the amendments made by this section.
            (2) Report.--Not later than 1 year after the date of the 
        enactment of this Act, the Commissioner shall transmit to the 
        Committee on Ways and Means of the House of Representatives and 
        the Committee on Finance of the Senate a report of the results 
        of the study conducted pursuant to paragraph (1). The 
        Commissioner shall include in such report such recommendations 
        for legislative and administrative changes as the Commissioner, 
        in consultation with the Secretary of the Treasury and the 
        Secretary of Health and Human Services, determines to be 
        appropriate.