how much can you make and get social security at age 62?
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If you're younger than full retirement age, there is a limit to how much you can earn and still receive full Page 3 2 Social Security benefits. If you're younger than full retirement age during all of 2020, we must deduct $1 from your benefits for each $2 you earn above $18,240.
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The maximum Social Security benefit at 62 is $2,102 per month, but how much could you get?
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Based on our calculation of a $2,790 Social Security benefit, this means that someone who averages a $100,000 salary throughout their career can expect Social Security to provide $33,480 in annual income if they claim at full retirement age.
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If you earn more than $17,640 (in 2019), Social Security will deduct $1 from your benefits for each $2 you earn over the threshold. In the year you reach full retirement age, you can earn up to $46,920 (in 2019) without having a reduction in benefits.
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Starting with the month you reach full retirement age, there is no limit on how much you can earn and still receive your benefits. Beginning in August 2020, when you reach full retirement age, you would receive your full benefit ($800 per month), no matter how much you earn.
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If you're at least 62 years of age, you can collect Social Security and continue to work. 1﻿ But unless you've reached full retirement age, you'll be doubly penalized: By taking Social Security early, you'll be accepting a benefit that is permanently reduced by about 30%.
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If you're below your full retirement age but are 62 years or older, you can work and receive Social Security benefits at the same time. If you are achieving normal retirement age in 2020, you could have earned up to $17,640 in 2019 and still received your normal benefit amount without any penalty.
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In 2019, if you decide to collect reduced social security benefits before you've reached your full retirement age, the maximum you can earn in addition to your benefits is $17,640 per year. If you go over that limit, $1 for every $2 you earn above the limit is deducted from your social security benefit.
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The earnings limit changes every year based on Social Security's inflation measure, the national average wage index. In 2018, you could earn up to $17,040 before triggering a reduction to your benefits, but in 2019, you'll be able to earn $17,640, or 3.5% more.
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The amount you can earn without affecting benefits changes each year. For 2019, the limit is $17,640. This is the limit that applies to you if you will not hit FRA in 2019 but are working and receiving Social Security benefits at the same time during this year.
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The Social Security income threshold increases to $3,910 per month or $46,920 a year in the year you turn your full retirement age. If you earn more than that amount, $1 will be withheld from your benefit for every $3 in excess earnings.
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Say your full benefit amount is $1,500 a month and your full retirement age is 67. If you start collecting Social Security at 65, you'll reduce your monthly payment to $1,300. While that may not be ideal, it's not nearly as bad as claiming at 62 and cutting a $1,500 payment down to just $1,050.
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You can start your Social Security retirement benefits as early as age 62, but the benefit amount you receive will be less than your full retirement benefit amount.
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If you start collecting your benefits at age 65 you could receive approximately $33,773 per year or $2,814 per month. This is 44.7% of your final year's income of $75,629. This is only an estimate.
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SSA will deduct $1 from your benefits for each $3 you earn above $41,400 until the month the client reaches full retirement age. The earnings restrictions disappear at full retirement age, meaning clients age 66 or older can earn any amount without losing any Social Security benefits.
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Limits on Earned Income If Claiming Early Benefits For the year 2019, this limit on earned income is $18,240 ($1,520 per month). The amount goes up each year. If you are collecting Social Security retirement benefits before full retirement age, your benefits are reduced by $1 for every $2 you earn over the limit.
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For social security income, the youngest age you can apply is 61 years and nine months old. You'd then receive your first SS check four months later—the month after your 62nd birthday. It is recommended you apply three months in advance of when you would like to start receiving the checks.