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Can I Draw Social Security at 62 and Still Work Full Time?

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Most people tend to think of Social Security payments as what you get when you’re old enough to retire; perhaps not everyone knows that despite the Social Security Administration (SSA) defining “full,” or typical, retirement age as 66-67: there’s an option to receive benefits as early as 62 years old.

A Sacramento Social Security eligibility attorney can answer all your questions, such as, “Can I draw Social Security at 62 and still work full time?” “How much will my benefit payments be reduced?” and more.

Can I draw Social Security at 62 and still work full time?

Collecting Social Security Retirement Benefits While Working

If you have approached retirement age, which begins at 62, and have enough work history to qualify for drawing Social Security retirement benefits, you can choose to receive monthly payments. However, collecting Social Security at age 62 up until reaching full retirement age is considered early; there is a limit on annual income wages, and exceeding the limit subjects your monthly benefits to reduction until you have reached full retirement age.

Depending on the year you were born, you are considered by the SSA as having reached full retirement age between 66 and 67 years old; those born in 1960 or later are deemed fully retired by 67. If you are below full retirement age for the entire year, $1 will be deducted from your Social Security benefit payments for every $2 you earn above the yearly limit, which is currently $22,320.

This will be the case for each year until the year in which you will reach full retirement age, during which $1 will be deducted for every $3 you earn above the limit, which is currently $59,520. Once you have reached full retirement age, there are no longer deductions or any limits on what you can earn annually.

Limitations on Social Security Benefits Before Full Retirement Age

In addition to limitations on annual income in order to receive maximum retirement benefits at age 62 until you reach full retirement age, your monthly payments are also subject to standard deductions. These deductions depend on how many months away from full retirement age you are, increasing the farther away from that age you are and decreasing over time.

For each $1,000 you would receive monthly if fully retired, between 25 and 30 percent will be deducted, resulting in payments between $750 and $700 for each $1,000. If you refrain from collecting Social Security until you reach full retirement age, there will be no deductions on your benefits and your monthly payments will be more. There are even additional advantages to waiting up until age 70 to draw Social Security benefits, such as an increase in your monthly payments from delayed retirement credits.

For some individuals, the benefits of drawing benefits early, such as receiving payments for a longer period of time, outweigh the advantages of waiting until full retirement age. It’s important to carefully consider all the factors of your situation before making a decision. You may even consider consulting with a qualified lawyer regarding your eligibility and what course of action would be the most to your benefit.


Q: How Much Money Can You Make Working if You Collect Social Security at 62?

A: If collecting Social Security at 62, you must currently earn less than $22,320 a year to receive maximum monthly payments. If you earn more than this, your benefits will be reduced at a rate of $1 for every $2 that you earn above the limit until the year you reach full retirement age. Even if you do not exceed the annual income limit, your retirement benefits will still be subject to deductions that decrease as you near full retirement age.

Q: What Is the Top Reason to Take Social Security at 62?

A: The advantage of drawing Social Security at 62 is you’ll receive benefits for a longer period, which is ideal if you need extra money and earn less than the annual income limit.

It’s also a good option for those who can’t work anymore and have other sources of income and/or can sustain themselves on retirement benefits alone. Each person will differ; some individuals may benefit more if they can wait since the payments will be more the longer you wait.

Q: When Should I Wait to Collect Social Security?

A: You may benefit from holding off collecting benefits if your annual income is significantly higher than the mandated limit; the more your income exceeds, the more will be deducted. Additionally, the closer you are to 67, the less the deduction percentage will be until there are none at full retirement age. There are no limits to what you can earn once you’re 67.

Q: What Is the Maximum Social Security Benefit at Age 62?

A: If you begin collecting Social Security at age 62, you will be subjected to a 30% deduction on your benefit payments. This means that for every $1,000 your monthly payment would contain if you were at full retirement age, you will instead be left with $700; this will be the case until you reach full retirement age, the percentage decreasing over time after you turn 66 until there are no more deductions at age 67.

Q: What Is the Average Social Security Check for a 62-Year-Old?

A: It’s difficult to assess the average Social Security check for a 62-year-old since every person will have a different work history and various sources of potential income or benefits. Additionally, since you have begun collecting benefits early, the amount you receive monthly will be less than if you wait until full retirement age.

Experienced Attorneys Who Help Clients Get Social Security

Social Security can be a complicated process. You may be wondering if you qualify, whether you’d benefit most from holding off collecting Social Security or collecting it early, and more questions. Attorneys at Gade & Parekh, LLP are experienced in all Social Security matters and have extensive experience assisting clients with the process, such as proving eligibility and taking action if you’ve been denied benefits. Reach out to our office for help obtaining benefits.

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