If your full retirement age is 67, you can begin collecting Social Security benefits when you turn 62.
After reaching full retirement age, no deductions are made from benefits, regardless of how much the worker earns.
For workers whose income exceeds the earnings limit, the Social Security Administration (SSA) will reduce their benefits by a fraction of what they earn. It might seem that the Administration would withhold a portion of each payment until satisfied. However, each monthly benefit is withheld until the obligation is satisfied.6
Example of Social Security and Working
For Social Security purposes, your full or normal retirement age is between age 65 and 67, depending on the year you were born. If, for example, your full retirement age is 67, you can start taking benefits as early as age 62, but your benefit will permanently be 30% less than if you wait until age 67.7
If you retire and work outside the United States, the rules are different. If you are younger than full retirement age, Social Security will reduce your benefits for every month you work more than 45 hours in a job (or self-employment) that's not subject to U.S. Social Security taxes. That applies regardless of how much money you earn.12 These rules can get complicated, so you'll want to contact Social Security for advice on your particular situation.
Full retirement age is the age at which you become eligible to receive full benefits from Social Security. It is 66 years and two months for those born in 1955 and gradually increases to 67 for those born in 1960 and after.13
If you start collecting benefits before reaching full retirement age, you can earn a maximum of $21,240 in 2023 ($19,560 for 2022) and still get your full benefits. Once you earn more, Social Security deducts $1 from your benefits for every $2 earned.1
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