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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 ...
For example, if you earn $20 per hour, you can work 978 hours per year before your Social Security benefits are reduced, assuming you haven’t yet reached full retirement age.
As the name would imply, Social Security retirement benefits were meant to be paid out to beneficiaries after they stop working. I'm a Financial Advisor: 10 Most Awesome Things You Can Do for Your...
The way Social Security is set up, the longer you wait to collect retirement benefits, the higher your monthly payment. Claiming benefits at age 62 means you will get the smallest possible check.
Year of birth. Full retirement age. 1937 and before. 65. 1938-1942. 65 + 2 months for each year past 1937. 1943-1954. 66. 1955-1959. 66 + 2 months for each year past 1954
You've decided that 2025 is the year you're finally going to claim Social Security. The government bases your Social Security benefits on your income during your working years and your age at sign-up.
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Data source: Social Security Administration. Table by author. For instance, say you're 66 years old and will reach your FRA in 2025. Let's also say that in the months leading up to your FRA, you ...