FAQs
If You Stop Work After Full Retirement Age
You can delay getting retirement benefits and earn credits that increase your benefit amount.
Can I draw Social Security at 62 and still work full time after? ›
You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefits. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.
What is your retirement age going to be to receive full benefits? ›
Full retirement age
For anyone born 1960 or later, full retirement benefits are payable at age 67. The chart on the next page lists the full retirement age by year of birth.
Will my Social Security benefits be reduced if I stop working? ›
If you stop working before you have 35 years of earnings, or you have low earnings for some years, this will affect your benefit calculation. However, if you wait to start benefits after you reach full retirement age, your benefits will increase for each month you do not receive them until you reach age 70.
How do you calculate Social Security benefits if you stop working? ›
If you claim benefits with fewer than 35 years of earnings, Social Security credits you with no income for each year up to 35. For example, if you worked for 30 years, there will be five zeroes in your benefit calculation. If you continue working, each year with earnings displaces a zero.
How much money will I lose if I retire at 62 instead of 65? ›
A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent. Starting to receive benefits after normal retirement age may result in larger benefits.
At what age is Social Security no longer taxed? ›
Social Security income can be taxable no matter how old you are. It all depends on whether your total combined income exceeds a certain level set for your filing status. You may have heard that Social Security income is not taxed after age 70; this is false.
What is the average Social Security check for a 62 year old? ›
According to recently released data from the SSA's Office of the Actuary, just over 590,000 retired-worker beneficiaries were receiving $1,298.26 per month at age 62, as of December 2023. That compares to about 2.11 million aged 66 retired-worker beneficiaries who were taking home $1,739.92 per month.
How do I get the $16728 Social Security bonus? ›
Have you heard about the Social Security $16,728 yearly bonus? There's really no “bonus” that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.
Is it better to collect Social Security at 62 or 67? ›
In terms of lifetime benefit optimization, age 67 was the second highest at around 10%. Between ages 62 and 67, the latter gave retired workers a higher statistical probability of maximizing their lifetime income from Social Security.
How to find your Social Security full retirement age. If you were born between 1943 and 1954, your full retirement age is 66. If you were born in 1960 or later, your full retirement age is 67. The full Social Security retirement age gradually increases from 66 to 67 for people born between those years.
When a husband dies, does his wife get his Social Security? ›
Social Security survivors benefits are paid to widows, widowers, and dependents of eligible workers. This benefit is particularly important for young families with children.
What is the lowest amount you can get in Social Security? ›
Social Security's special minimum benefit pays at least $49.40 per month in 2023 and $50.90 in 2024. Social Security's special minimum benefit tops out at $1,033.50 per month in 2023 and $1,066.50 in 2024. You'll receive 100% of the benefit if you file at full retirement age or later.
At what age does Social Security pay the most? ›
The maximum benefit depends on the age you retire. For example, if you retire at full retirement age in 2024, your maximum benefit would be $3,822. However, if you retire at age 62 in 2024, your maximum benefit would be $2,710. If you retire at age 70 in 2024, your maximum benefit would be $4,873.
What happens if you wait till full retirement age? ›
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
What happens if Social Security runs out before I retire? ›
Reduced Benefits
If no changes are made before the fund runs out, the most likely result will be a reduction in the benefits that are paid out. If the only funds available to Social Security in 2033 are the current wage taxes being paid in, the administration would still be able to pay around 75% of promised benefits.
Can you collect Social Security if you never worked? ›
But even if you never worked and therefore don't have an earnings record, you're not necessarily out of luck. If you're married (or were married) to someone who's entitled to Social Security, you can collect spousal benefits equal to 50% of your husband or wife's benefits at full retirement age.