Can I collect my Social Security at 62 and still work full time? | Ep.76

Are you approaching retirement and wondering if you can start collecting Social Security benefits at age 62 while working full time? The short answer is yes—but there are important factors to consider. In this episode, we’ll walk you through the key points:

• Social Security Eligibility at 62: You can start collecting Social Security benefits as early as age 62, but keep in mind that this will reduce your benefits by as much as 30%.
• Earnings Limitations: For 2024, if you earn over $21,240 while drawing benefits before your full retirement age (FRA), Social Security will temporarily withhold $1 for every $2 you earn above this limit.
• Understanding Full Retirement Age (FRA): Your FRA depends on your birth year, with those born between 1943 and 1954 having an FRA of 66, and it gradually rises to 67 for those born in 1960 or later. Once you reach your FRA, there’s no earnings limit, meaning you can work as much as you want without impacting your Social Security check.
• Benefits Adjustment at FRA: If some of your benefits were withheld due to excess earnings, don’t worry! Your benefit amount will be adjusted upward once you reach your FRA to account for these withheld months.

Join us as we dive into how working while drawing Social Security at 62 impacts your retirement income. Whether you're considering an early retirement or planning to stay in the workforce a bit longer, this episode will equip you with the knowledge to make informed financial decisions.

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