Yes 50 is the first retirement year, they avg your highest 3 years to determine what salary to go off of.  Full retirement is 60 OR if your total earned credits are 85 you can get full earlier ( you'd have 50 credits after about 17 years and you are vested after only 4).  I would gladly take a defined benefit retirement at either age especially with the opportunity to inflate my salary the last 3 years thus inflating my retirement check.  Teachers and all other public service retirement is to blame, we as a a country cannot continue to pay someone near their full salary and health insurance for easily 20-30 years in retirement.  Very few of those who "make more" in the private sector have defined benefit plans for their retirement and they are forced to pay into the SS pyramid scheme which public service have the luxury of not doing.  Every state has a very similar system.