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.
When a retiree reaches the month of his or her 66th birthday, the earnings limit no longer applies and any amount can be earned without penalty. Maximum possible benefit grows. The maximum possible benefit a retiree can claim at full retirement age in 2014 is $2,642, up from $2,533 in 2013 and $2,513 in 2012. The announcement of the Social Security cost-of-living adjustment was delayed by two weeks due to the 16-day federal government shutdown that ended on October 16.