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.
You 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.orn in 1960 or later -- Full retirement can be drawn at age 67. Remember that while you can begin drawing Social Security retirement benefits at age 62, your benefits will be 25 percent less than what they will be if you wait until your full retirement age as shown above.