I was told I can't collect at 62 because I am still working

[jaguidryl]

I was told by someone I can't collect at 62 because I am still working.  I just turned 62 in April and had thought I would continue working and SAVE all the benefits I would receive.  They told me I could only make up to $18,000 a year, therefore I must stop working in order to collect.  I can't start collecting until 67.  Any thoughts or suggestions?

[jonibee · Accepted solution]

Instead of listening to others why don't you contact your local SSI office and request info or simply state the questions on your mind..This way you know where you stand..

[WebWiseWoman · Accepted solution]

Great advise!

Also, @jaguidryl , I am of the age group that qualified for benefits at 60; thank goodness the SSA rep advised me the difference between what I could save (as you plan) and waiting would possibly be. Had they not, the "savings" I'd have would not last a year when I actually retired.

hth

#StaySafe

[roachme]

To add to what Gail said, the money they hold back in reduction of your benefit is tallied up at your FRA.  They figure out how many months of total benefits they held back from you and reduce the number of months you started early benefits.  They will use the new fewer early start months amount to pay you a higher benefit starting at your FRA.  An example is you start at 62 and the total earnings reduction of your SS is equal to 6 months of SS payments by the time you reach your FRA.  They will change your benefit calculation from a 60 months early start reduction to the amount for a 54 month early start.

[GailL1 · Accepted solution]

Here Ya Go - this explains what happens if you file for SS retirement before your FRA and still work.  BTW the earnings limit in 2022 is $ 19.560.  

Surely, you understand why it is done this way - doesn't mean that you can't work and draw early SS retirement - just means they will take some away if you make over this amount of money - deduct $1 from your benefit payments for every $2 you earn above the annual limit until the year that you turn your FRA.  

SSA,gov - What happens if I work and get Social Security retirement benefits IF under full retiremen...

Once you hit your full retirement age - earn all you want.  Maybe you could apply your plan of working and saving the benefits after you reach FRA - 

[jaguidryl]

Thanks!  This is what I needed!  With all good wishes and blessings!

[jonibee · Accepted solution]

Instead of listening to others why don't you contact your local SSI office and request info or simply state the questions on your mind..This way you know where you stand..

[WebWiseWoman · Accepted solution]

Great advise!

Also, @jaguidryl , I am of the age group that qualified for benefits at 60; thank goodness the SSA rep advised me the difference between what I could save (as you plan) and waiting would possibly be. Had they not, the "savings" I'd have would not last a year when I actually retired.

hth

#StaySafe