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.
No matter whose earnings record the Social Security benefit is based on, the amount you receive depends on your age when you apply for it.Example: Bob will reach his full retirement age of 66 in March. His wife Kathy will be 62 in January. Both spouses have worked and are eligible for Social Security.Kathy plans to take her benefit at 62, reducing it from the $1,000 per month it would be at full retirement age to $750 because she is claiming early. By waiting to claim Social Security until his full retirement age, Bob has options.f you are currently married, once you reach full retirement age, you can elect to apply only for a spouse benefit and delay taking your own benefit until age 70 at the latest. Thus, you can claim a spousal benefit now (at the full retirement age), and then claim a larger retirement benefit later.