A bill to increase the retirement age at which full benefits are paid.

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to define "retirement age" to mean: (1) 65 years of age in the case of an individual who reaches the "early retirement age" (age 62 in the case of old-age, wife's, or husband's benefits and age 60 in the case of widow's or widower's benefits) before January 1, 2000; and (2) 65 years of age plus the number of months in the "age increase factor" for the year in which an individual reaches the "early retirement age" in the case of an individual who reaches the "early retirement age" after December 31, 1999. Provides for the determination of the number of months in the "age increase factor" for individuals who reach the "early retirement age" in the year 2000 and thereafter.

Requires the Secretary of Health and Human Services to periodically revise the reduction factors for early retirement benefits.