In this chapter, we will discuss the different types of compensation, provide. an understanding of the safe harbor rules, calculate and evaluate the. compensation test (Demo 9), look at compensation limitations, and explain. which definition of compensation is needed for the worksheet questions.
To draw full retirement benefits, the following Social Security Administration age rules apply: Born in 1937 or earlier-Full retirement can be drawn at age 65. Born in 1938 - Full retirement can be drawn at age 65 years and 2 months.Born in 1939 -- Full retirement can be drawn at age 65 years and 4 months.ou can retire 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.
For Social Security retirement benefits, you must be between the ages of 62 and 70 to start collecting benefits. To check on your eligibility, see Nolo's article Checking you Social Security Earnings and Benefits or call the Social Security Administration at 800-772-1213. The Social Security Administration used to consider 65 to be full retirement age for the retirement benefit.