Incapacity/ incompetence. - the possession of a mental or physical defect that prevents a natural person from being able to enter into a legally binding contract-a person may have no capacity= complete inability to enter-or limited capacity= the ability to form only voidable contracts.
If a worker begins receiving benefits before his/her normal (or full) retirement age, the worker will receive a reduced benefit. A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent.
1 If you are younger than full retirement age, for every $2 over the limit of $15,120, $1 is withheld from benefits. 2  If you reach full retirement age in 2013, for every $3 over the limit of $40,080, $1 is withheld from benefits until the month you reach retirement age. The full retirement age will increase gradually each year until it reaches age 67 for people born in 1960 or later. 2  If you were of full retirement age or older in 2012, there is no limit on your earnings. 3  If you are younger than full retirement age, for every $2 over the limit of $15,120, $1 is withheld from benefits.