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62, collecting SS benefits, and working full time
posted at March 14, 2012 7:23 PM EDT
First: March 14, 2012
Last: March 14, 2012
|I am single and tired of struggling, living paycheck to paycheck. I will continue working full time. I would like to start collecting benefits at age 62. I understand my benefits decrease after I make $14,000. Decrease by how much? Does the $ amount start in full the next January then?|
Re: 62, collecting SS benefits, and working full time
posted at March 14, 2012 8:48 PM EDT
First: November 27, 2011
Last: May 18, 2013
In Response to 62, collecting SS benefits, and working full time:
I am single and tired of struggling, living paycheck to paycheck. I will continue working full time. I would like to start collecting benefits at age 62. I understand my benefits decrease after I make $14,000. Decrease by how much? Does the $ amount start in full the next January then?
Posted by zook0490
You're gonna be hit from a lot of fronts - reduced benefits because of early retirement and a further reduction if you make over that threshold.
Here is the early retirement benefits by year of birth from the Social Security Adm.
However, since you want to continue to work - that poses another (potential) reduction in the benefit amount if you make over $ 14,640. This reduction ceases at full retirement age (in the year that you turn 66). Then you can work all you want and earn your whole (reduced benefit).
Here is the Social Security publication on the subject for your reference:
"If you were born January 2, 1943, through January 1, 1955, then your full retirement age for retirement insurance benefits is 66. If you work and are full retirement age or older, you may keep all of your benefits, no matter how much you earn. If you are younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you are younger than full retirement age during all of 2012, we must deduct $1 from your benefits for each $2 you earned above $14,640."
To answer the last part of your quest about it starting back the next January.
The way I understand it, it is in arrears because they go by your tax returns as they are filed and thus they would be looking at old income to make the adjustment.
So if you started drawing early benefits this year (2012), they would be making the adjustment based on the last income tax that is in the system - most likely the one you filed in 2011 for tax year 2010.
Read both of those SSA links - the 2nd one expecially gives you lots more details.
Good Luck in making the best decision.