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.
The full retirement age increases gradually each year until it reaches age 67 for people born in 1960 or later. 2014 2015 At full retirement age or older No limit on earnings No limit on earningsUnder full retirement age$15,480 For every $2 over the limit, $1 is withheld from benefits. $15,720 For every $2 over the limit, $1 is withheld from benefits. In the year you reach full retirement age$41,400 For every $3 over the limit, $1 is withheld from benefits until the month you reach full retirement age.