Took Social Security at 62 but now

[ChrisH261878]

I'm 63 and took Social Security monthly benefits at 62. Now I have a job opportunity which makes at least $50,000 per year. I know it reduces my benefits per month and I've read what it reduces but not smart enough to calculate the math! 🙂    Guess what I'm asking is will I still receive any benefits or none at all?   If none at all can again apply at say 67 if I choose to do so?

Thanks 

[fffred]

@ChrisH261878 

Ferris' cousin fffred here

With that income of $50 large you'll experience quite a hit to your SS retirement benefit while you're below your full retirement age. The "how much" is discussed at this SS page https://www.ssa.gov/benefits/retirement/planner/whileworking.html.

Basically, "If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2022, that limit is $19,560." So for an income of $50,560 you would be $31,000 above that limit of $19,560. That would reduce your SS benefit by (annually) $31,000 / $2 * ($1 reduction ) = $15,500. Quite a hit.

The page linked above provides a link to the SS's calculator to determine how much your benefit could be reduced, see https://www.ssa.gov/OACT/COLA/RTeffect.html

That first page linked provides a couple examples of the calculation and benefit reduction.

Depending on your previous income you may actually see an increase in your PIA, the value on which your SS benefit is calculated. So that's good news.

For that much of a hit on your benefit it may be worth doing a "do over". In some cases you can withdraw your application (and pay back all the benefits paid), then you can work without penalty, and then you apply again later for your SS benefits....this has the result as well that you will be older on the second go-round and your SS benefit will not be reduced so much due to early retirement.

This AARP article may help as well, see https://www.aarp.org/retirement/social-security/questions-answers/working-while-collecting-social-se...

Good luck

[ChrisH261878]

Thanks Fffred,

                    So if I'm reading correctly and the research material you provided, based on new income I would no longer receive benefits?  Which is fine.  If I worked this new job for say 2 years I could then reapply?       Would I have to pay back any portion of what I received when I turned 62?

    Thanks!

[ChrisH261878]

Bueller ???