At what age can you apply for pension?

Typically, you must be age 65 or older to apply for pension benefits, according to Time. However, the required age varies with each pension plan.

Many pension plans allow for employees to collect benefits earlier than the national retirement age, as noted by Time. For some plans, the required age can be as low as 55, or even lower if the plan holder is disabled. However, if a plan holder opts to receive his pension benefits before reaching the national retirement age, the monthly payout is typically less than it would have been if he had taken it at a later age.