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.
The Social Security Administration sets the early retirement age â the youngest age that you can start collecting Social Security â at 62 years old. However, if you take benefits before your full retirement age â which ranges from 65 years old to 67 years old depending on the year you were born â your monthly benefit will be reduced.