One of the major questions asked of Social Security involves full retirement age.
Retirement age is defined differently depending on a beneficiary's date of birth. Jack Myers, with Social Security, explains full retirement age is closing on 67 for anyone born passed 1960. He adds anyone who decides to collect Social Security prior to the full age will be subject to reductions and earnings limits.
Myers notes several factors go into determining earnings limits. Those who decide to work and collect retirement benefits may be subject to lower or higher earnings limits depending on when they reach full retirement age. He stresses limits may also fluctuate from year to year.
Anyone wishing to retire under the age of 60 will have their earnings calculated from their 35 highest grossing years of earnings. The figures will also be adjusted for inflation, according to Myers.
Myers encourages anyone wanting more information on benefits or retirement to visit www.socialsecurity.gov. Once there, you can click on the "benefits" icon to learn more.