Personal Finance and Investing

If you take it that early, your payout is reduced considerably from what it would be if you started collecting at age 70.

Full Retirement Age. It varies somewhat, depending on what year you were born. But what it means, and what most people do not seem to begin to understand, is that at that age (your Full Retirement Age) you can collect Social Security and continue to work, without any penalty to your SS payout. It's all rather complicated, but it's important to understand exactly how all this works.