Final answer:
When Phil meets the eligibility requirements for Social Security and starts receiving benefits at 62, he will receive reduced benefits based on his lifetime earnings. Social Security also provides benefits to surviving spouses and minor children of qualifying workers.
Step-by-step explanation:
When Phil meets the eligibility requirements for Social Security and elects to receive retirement benefits at the age of 62, the accurate statement is that he will receive reduced benefits.
The full retirement age for Social Security benefits was originally set at 65 but has been increased to 67 for workers born after 1959. So, by choosing to receive benefits at 62, Phil will receive reduced benefits. The amount of money a worker receives is based on their lifetime earnings, and starting benefits early results in a lower monthly benefit amount.
It's important to note that Social Security offers benefits to surviving spouses and minor children of qualifying workers, even if they themselves did not have wage income.