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.
There is no Social Security earnings limit. Age 66 is your full retirement age so that folks CAN continue to work and draw Social Security also. You can wait longer to get to your full retirement age and full benefit payment -- but you can also consider drawing a Social Security benefit at age 66 - whether retired or still working. You can continue to work and live on your working wages -- and save the Social Security payments for later, when you aren't working and need some extra cash.