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Re: Social Security at 62

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Message 11 of 13

@Hookman1956wrote:

I'm turning 62 in a couple of months and went to a SS office to inquire about a couple of things including what steps to take to apply for Social Security. I was told in no uncertain terms I'm not even allowed to apply, let alone receive benefits because I'm still employed. Can they really do that?


Did they ask you how much you were making from your employment ?

 

It sounds like they were attempting to explain the Social Security "Earnings Limit" for those who want their benefit early, that is to say, earlier than Full Retirement Age.

 

Earnings limits
Under federal law, people who are receiving Social Security benefits, and who have not reached full retirement age,  are entitled to receive all of their benefits as long as their earnings are under the limits indicated below.   For people born in 1943 through 1954, the full retirement age is 66. The full retirement age increases gradually each year until
it reaches age 67 for people born in 1960 or later.

 

For 2018 -

If you are Under full retirement age, the Earnings limit is $17,040,  And for every $ 2 over the earnings limit, $ 1 is withheld from your benefit.

 

SSA.gov - 2018 Update

 

This is the way it works because you are still working and still paying into the system because you are still working and therefore your benefit based on your earnings is continuing to grow.

 

The earnings limit changes to a higher amount in the year that the beneficiary reaches Full Retirement Age.  The Earnings limit (2018) is then $45,360 and for every $3 over the limit, $1 is withheld from benefits until the month you reach full retirement age.

 

When the beneficiary reaches their Full Retirement Age, there is no longer an Earnings Limit.

 

 

 

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Re: Social Security at 62

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Message 12 of 13

@Hookman1956   Have you visited the Social Security website and created an account? 

 

https://www.ssa.gov/

 

You may want to look at this too.

https://www.ssa.gov/onlineservices/

 

https://www.ssa.gov/pubs/EN-05-10147.pdf

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Social Security at 62

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Message 13 of 13

I'm turning 62 in a couple of months and went to a SS office to inquire about a couple of things including what steps to take to apply for Social Security. I was told in no uncertain terms I'm not even allowed to apply, let alone receive benefits because I'm still employed. Can they really do that?

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