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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10146
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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If I draw my social security at age 62 can I still work

Customer Question

If I draw my social security at age 62 can I still work
Submitted: 7 months ago.
Category: Social Security
Expert:  Lane replied 7 months ago.
Hi,...Yes, you certainly can....Now, in the long haul, you'll likely get a lot more out OF social security if you delay taking benefits until full retirement age....But yes, you can certainly start drawing that reduced number at 62 and continue to work....What happens there is, once you earn $15,720, they will deduct $1 from your benefit payments for every $2 you earn above the annual limit....Then once you REACH full retirement age (likely 66) they'll deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age....Then, as long as you continue to work, even if you are receiving benefits, you will continue to pay Social Security taxes on your earnings. However, they will check your record every year to see whether the additional earnings you had will increase your monthly benefit. If there is an increase, they'll send you a letter telling you of your new benefit amount.
Expert:  Lane replied 7 months ago.
You can read more about that here: https://faq.ssa.gov/link/portal/34011/34019/article/3739/what-happens-if-i-work-and-get-social-security-retirement-benefits...I hope this has helped....Please let me know if you have any questions at all....If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")...JustAnswer will not credit me for the time and work until you have rated in this way....Thank you!Lane……I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986