If you retire at age 62 what amount of money can you earn working over your social security benefit?

Answer 1

Earned Income

If you are 62 years old in 2010, you will reach full retirement age at 66. Under 2010 SSA guidelines, people who have not yet reached full retirement age can earn only $14,160 per year without incurring a penalty. For every $2.00 over the limit, $1.00 is withheld from benefits. There is an exception for the first year of early retirement, though (in this case, age 62).

In the first year, there is no limit on the amount of income you can earn prior to the month you retire. You will not be penalized for pre-retirement income. For the remainder of the year, you will receive a full benefit check for each month in which you earn $1,180 or less (one-twelfth of $14,160).

If you earn more than the maximum allowed, the Social Security Administration will withhold your monthly benefit check beginning in January of the following year until the overage is completely offset.

Unearned Income

There is no limit on passive (unearned) income you can receive from other sources, such as pension, annuities, capital gains, dividends, gifts, etc. There is also no limit to the amount of income other family or household members may earn. None of this money affects your retirement benefits, regardless of your age.

Answer 2

2010 and 2011

If you are 62 years old in 2010, you will reach full retirement age at 66. Under 2010 SSA guidelines, people who have not yet reached full retirement age can earn only $14,160 per year without incurring a penalty. For every $2.00 over the limit, $1.00 is withheld from benefits. There is an exception for the first year of early retirement, though (in this case, age 62).

In the first year, there is no limit on the amount of income you can earn prior to the month you retire. You will not be penalized for pre-retirement income. For the remainder of the year, you will receive a full benefit check for each month in which you earn $1,180 or less (one-twelfth of $14,160).

If you earn more than the maximum allowed, the Social Security Administration will withhold your monthly benefit check beginning in January of the following year until the overage is completely offset.

Answer 3

Income dose not limit your ability to collect social securtity, you must be thinking fo welfare or unemployment I am 51. Am on ssd and would like to know when am i to recieve my retro funds. Also what is the limit to get from employment.

Answer 4

The amount would be 14,160 before you would have to pay some of your SSB amount back to the SSA.
For the earning test for the SSA the amount would be 14,160 before you will have pay some of your SSB back to the SSA.

Answer 5

For 2016, the limit is $15,720. (The amount goes up each year.)
These things don't count towards the limit:

• Pensions
  
• Annuities
  
• Investment Income
  
• Interest
  
• Government or Military retirement benefits
  

If you are collecting Social Security retirement benefits before full retirement age (for the full year), than anything over this amount will result in your Social Security payments being reduced by $1 for every $2 earned.

Example: You earned $16,720. That's $1,000 over the allowed limit. $1,000/2=$500. Your benefit will be reduced by $500 for the year.

Starting the month you reach full retirement age, you will receive full benefits with no limit on your earnings.

Answer 6

You can't draw Social Security retirement benefits until you are 62 years old, so unless you're declared disabled under Social Security guidelines, this isn't an option for you.

Answer 7

15,000

Answer 8

18,000