If a person chooses to retire at age 55, he is not eligible to receive any benefit payments from Social Security, according to the Social Security Administration. To receive benefits, a person must reach at least age 62, as of 2015, although the benefits are reduced when retiring that early.
In the case of early retirement at any age, benefits are reduced by five-ninths of one percent per month for the first 36 months, and five-twelfths of one percent per month for every additional month beyond the original 36 months, explains the SSA. To receive the maximum benefit with delayed retirement credits, the age is 70.
