Q: My wife and I are in our late 50s and work for the same company. The company is offering a generous retirement incentive, and we are considering retiring this year. Our latest statements show we both have enough credit to receive the maximum Social Security. If we decide to retire, are we guaranteed the maximum or will we lose money? We want to file for Social Security at 62. — D.B., Kent.

A: I can't give you an answer without knowing what you have earned over your lifetime, but I can tell you the maximum is not guaranteed if you retire early.

Each year, the taxable base increases, and you would have to continue paying up to those amounts to receive the maximum at retirement. You need to look at our retirement calculator at http://socialsecurity.gov. It will allow you to compare the difference between retiring now and working until 62.

Most people are surprised to find the difference smaller than they would have guessed. For someone in your age bracket, the monthly benefit is reduced by about 25 percent at 62.

Q: My husband died of a heart attack 11 years ago. I was too young to collect Social Security at that time, but I will be 62 in April. I never worked, and my only income is a pension from his company. I was hoping to file for my widow's benefit and Medicare at 65. How can I receive an estimate of how much I will receive from his record? — V.S., Akron.

A: You should contact the local office or call 800-772-1213 as soon as possible. A widow's benefit can start as early as age 60. When you make the contact, ask the representative for benefit estimates at various ages so you can decide when you want benefits to begin.

Q: I am going to retire on April 18. I will be 64 and will have more than 39 years of work. If I want my checks to start with May, when should I apply? I will earn $2,500/month and receive about $1,500 in vacation severance pay through my retirement date. — G.S., Magnolia.

A: Since you are over 62 now, you might be able to start receiving benefits this month. This year, a 62-year-old can earn up to $13,560 and receive Social Security benefits.

From what you've said, it sounds like your total earnings this year will fall well below that limit. If that's correct, you can receive payments for all 12 months this year, but you must apply before the end of January to take full advantage of your eligibility. Call 800-772-1213 or go online at http://socialsecurity.gov.