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 start taking your CPP retirement pension at any age between 60 and 70. (You can start taking it after age 70, but there would be no reason to do that, and you would lose benefits.). If you start taking your pension the month after you turn 65 years of age, you will get 100% of your benefit.If you start taking your pension before that age, it is reduced; after that age, it is increased. For example, in 2015, if you start taking your pension at age 60, it will be reduced by 34.8%.If you start taking it at age 70, it will be increased by 42%.You can start taking it after age 70, but there would be no reason to do that, and you would lose benefits.). If you start taking your pension the month after you turn 65 years of age, you will get 100% of your benefit. If you start taking your pension before that age, it is reduced; after that age, it is increased.