Can I Draw Social Security at 62 and Still Work Full Time?
Written by
David Nadelle
Edited by
Ashleigh Ray
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
All financial plans are important, but Social Security benefits during retirement years play a profound role in preventing elderly poverty and are paid out at an important stage in a person’s life.
With that in mind, it pays to know when you can start receiving your monthly payments and how continuing to work while collecting Social Security will impact your benefits. Let’s take a look.
Yes, You Can Do Both
As the Social Security Administration (SSA) points out, it is perfectly fine to work full time and collect Social Security when you turn the eligible-to-collect age of 62. Whether you should, in normal circumstances, is another issue entirely.
With a few exceptions, almost every financial guru will tell you to wait as long as you can to start collecting your Social Security payments. If you choose to draw on your Social Security before you reach your full retirement age (66 or 67 years old, depending on if you were born before or after 1960) and if you earn more than the designated SSA income limits, your benefits will be reduced.
The SSA deducts $1 for every $2 you earn over the 2025 limit of $23,400.
Using the SSA’s example in its “How Work Affects Your Benefits” publication, if your monthly Social Security payment at 62 years is $600 ($7,200/year) and you plan to work and earn $25,000 ($1,600 above the $23,400 limit), the SSA would withhold $800 of your Social Security benefits ($1 for every $2 you earn over the limit).
However, you will get the money back once you reach full retirement age. At that point, your benefit can be recalculated and your monthly benefit will increase based on the additional earnings.
You can keep track of your benefits by using the SSA’s online platform, mySocialSecurity.
More From GOBankingRates
