How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask LawTalk Your Own Question
LawTalk
LawTalk, Attorney
Category: Social Security
Satisfied Customers: 37683
Experience:  I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.
15277592
Type Your Social Security Question Here...
LawTalk is online now
A new question is answered every 9 seconds

I want to retire at 62 but still work. How much can I make a

This answer was rated:

I want to retire at 62 but still work. How much can I make a month.
JA: The retirement accountant will know how to help. Please tell me more, so we can help you best.
Customer: I work about 32 hrs. a week and make $10.50 an hour. I will be 62 next year but I will need the inusrance
JA: Is there anything else important you think the retirement accountant should know?
Customer: I can think of anything else

Good afternoon,

I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.

If you are under full retirement age for the entire year, social security will deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2016, that limit is $15,720.

So, if you are 62 and take early retirement from social security, you may earn up to $15,720 in the calendar year before any of your benefits will be effected. This amounts to $1,310 per month that you can earn and still stay below the limit. Based on what you are earning now, you will need to cut your work to no more than 124 hours per month---which amounts to about 29 hours per week. (Average of 4.3 weeks per month).

In the year you reach full retirement age, social security will deduct $1 in benefits for every $3 you earn above a different limit. In 2016, the limit on your earnings is $41,880 but they only count earnings before the month you reach your full retirement age.

You may reply back to me using the Reply link and I will be happy to continue to assist you until I am able to address your concerns, to your satisfaction.

I hope that I have been able to fully answer your question. As I am not an employee of JustAnswer, please be so kind as to rate my service to you. That is the only way I am compensated for assisting you. Thank you in advance.

I wish you and yours the best in 2016,

Doug

Hi,

Is there anything else I can assist you with today?

Doug

LawTalk and other Social Security Specialists are ready to help you