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.
Only retired players who played at least one NFL season prior to 1993 may elect to begin to receive benefits as of their 45th birthday. All other players must wait until age 55. Players who begin drawing their NFL pension before age 55 are penalized for doing so. This is referred to as âearly retirementâ. For example, a player who begins drawing his pension benefits at age 45 would only receive 45.2% of the monthly benefit that he would receive if he waited to draw his NFL pension at age 55. If a player waits until later than his 55th birthday to begin drawing his NFL pension, his monthly benefit will increase.