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You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

If you are a non-retired member who is employed by a participating employer at the time of your death, your beneficiary(ies) will receive a death benefit representing 75% of your highest annual salary. If you have less than 12 months' service, the benefit is prorated. The minimum payment is $1,000.

You qualify for a monthly retirement benefit if you are: —65 with 4 years of service. —62 with 10 years of service. —60 with 20 years of service.

(For defined contribution plans, funds are placed in an employee's individual account when deposited.) *Noncontributory systems are solely funded by employer contributions. Contributory systems are funded by a combination of required employer and employee contributions.

The pension provides a lifetime monthly payment based on years of service and earnings. Pension and employer contributions to the 401(k) are vested after four years. Employer contributes an amount equal to 10% of an employee's salary to a 401(k) plan. The employee is vested after four years.

You can get Social Security retirement or survivors benefits and work at the same time. But, if you're younger than full retirement age, and earn more than certain amounts, your benefits will be reduced. The amount that your benefits are reduced, however, isn't truly lost.

The law raised the full retirement age beginning with people born in 1938 or later. The retirement age gradually increases by a few months for every birth year, until it reaches 67 for people born in 1960 and later.