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.
If he or she delays taking benefits until age 70, the benefit will be 32 percent higher because of that delay. The maximum retirement benefit for someone who waits until age 70 to collect benefits is $3,350 a month in 2013.f he or she delays taking benefits until age 70, the benefit will be 32 percent higher because of that delay. The maximum retirement benefit for someone who waits until age 70 to collect benefits is $3,350 a month in 2013.