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 maximum retirement benefit for someone who waits until age 70 to collect benefits is $3,350 a month in 2013. Most people claim Social Security before they reach the age for full benefits.Of people who started getting retired worker benefits in 2011, three out of four (74 percent) received benefits that are reduced for early retirement.he maximum retirement benefit for someone who waits until age 70 to collect benefits is $3,350 a month in 2013. Most people claim Social Security before they reach the age for full benefits.