The current Social Security system works like this: when you work, you pay taxes into Social Security. The tax money is used to pay benefits to: reople who already have retired; people who are disabled; survivors of workers who have died; and dependents of beneficiaries. Here are some common questions and answers.

You can start your Social Security retirement benefits as early as age 62 or as late as age 70. Your monthly benefit amount will be different depending on the age you start receiving it. Read more for important tips to consider if you choose to retire at age 62. If you have any questions, feel free to post them online.

If you plan to retire at 65 (that is, you were born in 1937 or earlier), you still will be able to take your benefits at age 62, you will get 80% of the monthly benefit because you will be getting benefits for an additional 36 months. Retiring at 65 means you can collect 100% of your benefit.

If you were born between 1943 and 1954, your full retirement age is 66. Remember, the earliest a person can start receiving Social Security retirement benefits will remain age 62.

With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70. Learn more about late retirement and feel to ask questions.

If you plan to continue to work past the age of 65, be sure to read these important tips and notes to ensure you are not penalized for late enrollment in Medicare Part B or Part D.

We know the COBRA regulations can be confusing for both employers and former employers. You are not alone, we've assembled some resources to help you with your questions. Remember, if your employment has ended and you are 65 or older you qualify for a special enrollment period where you can elect Part B without penalty. If you choose to continue coverage through your former employer (COBRA) you only have 8 months to elect Part B. COBRA coverage can be more expensive than other options offered by Medicare.