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I'm thinking of doing a early retirement at age 62, which…

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I'm thinking of doing...

I'm thinking of doing a early retirement at age 62, which will be January 18 2017, just trying to figure out my benifits and how much I'm allowed to make working part time during the week

Submitted: 10 months ago.Category: Social Security
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Answered in 4 minutes by:
10/5/2017
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 10 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,881
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified
5 Oct 2017, 2:32 PM Because you're retiring early:...If you ARE retiring early, SSA will reduce your benefits by $1 earned for every $2 you ear over an annual limit that they publish every year. For 2017 that limit is 16,920....They DO figure this back unto your benefit once you TURN Full Retirement Age, but they look at this annually, and if you earn, say, 2000 over the annual limit in 2017, then they'll stop benefits in 2018 until you're "caught up."...Let's say that your social security full benefit would be 1000 (just to make the math easy). This means that they would stop benefits for two months the following year....Now, if you retiring (starting Social Security Benefits) AFTER FRA, then there IS no reduction whatsoever....you can read more about this here:https://www.ssa.gov/planners/retire/whileworking.html
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Lane, JD,CFP, MBA, CRPS
Category: Social Security
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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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