Q. I will be turning 60 in December. I have been working steady now for 20 years, and am still working. My health is so bad now I’m in so much pain working. I won’t apply for disability due to the fact that it takes two years, I’m told, to process a claim. I can’t be without income for that long. I want to retire at 60. Can I do that? Will there be a large penalty?
A. If you wait until you are age 60, you can retire on an immediate, unreduced annuity. If you retire before you reach age 60, your annuity would be reduced by five-twelfths of 1 percent for every month you were under age 60.