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62, collecting SS benefits, and working full time
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Social Security
62, collecting SS benefits, and working full time
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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 de
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Cat:7a9899c6-bb01-48a5-bd56-e73d9d7e3998Forum:17f83b76-a805-4002-b497-6dbb421b0b8a
Cat:7a9899c6-bb01-48a5-bd56-e73d9d7e3998Forum:17f83b76-a805-4002-b497-6dbb421b0b8aDiscussion:24589cac-eaba-4fd4-bc6a-1be197798473
Forums » Work & Retirement » Social Security » 62, collecting SS benefits, and working full time
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62, collecting SS benefits, and working full time
posted at March 14, 2012 7:23 PM EDT
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Posts: 1
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? |
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Re: 62, collecting SS benefits, and working full time
posted at March 14, 2012 8:48 PM EDT
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Posts: 1923
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. Retirement benefits by year of birthSo whatever your retirement benefit at age 66, which is your full retirement age, would be reduced by 25% for taking it 48 months early (4-years). This percentage of reduction reduces down from 25% the longer you wait to draw your benefit until it is completely gone at full retirement age.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: How Work Affects Your BenefitsFrom the publication: |
Forums » Work & Retirement » Social Security » 62, collecting SS benefits, and working full time
