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Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2983
Experience:  associate attorney
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I am 62 and have filed security retirement: I estimate I

Customer Question

I am 62 and have filed for social security retirement: I estimate I will earn $80,000 in 2016; will this effect my benefits
Submitted: 1 year ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 1 year ago.

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

Yes, it will greatly affect your benefit and it is probably not wise to file for early retirement if you are still working and making a pretty significant income. First, as you probably know, your benefit will be reduced because you retired before full retirement age. If you start your retirement benefits at age 62, your monthly benefit amount is reduced by about 30 percent. The reduction for starting benefits at age 63 is about 25 percent; 64 is about 20 percent; 65 is about 13.3 percent; and 66 is about 6.7 percent." Second , See Social Security link: See link:

"We use the following earnings limits to reduce your benefits: 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 2016 that limit is $15,720."

So everything you make over $15,720 will reduce your benefit by $1 for ever $2 you make. At $80,000 minus the $15,720, you would be reduced on a base of $64,280 which would reduce your total benefit by $32,140 for the year. If you continue to work, it might be wise to wait until full retirement age (age 66) because this reduction will not make electing for your benefit worth it and you will be able to increase your benefit if you wait as well. If you hold off until age 70 then you can earn additional credits from age 66-70 and increase your benefits approximately 8% per year. Just food for thought.

Please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated for my time by the site.

Expert:  Christopher B, Esq. replied 1 year ago.

Just checking back in, do you have any further question? I want you to be satisfied with my service, so please let me know.