Full question: I am 62 years old . If I start collecting social security now but continue working are my benefits going to be reduced or they will be the same as if I am not working ? Thank you

Hi there,

If you start collecting your retirement benefits and are still working, your benefits may be reduced due to the “earnings test.”

This rule applies from age 62 through the month prior to your full retirement age, FRA.

For 2024, the lower earnings limit is $22,320 and applies to all years up through December of the year prior to your FRA. For every dollar earned over this amount $1 for every $2 will be withheld from your checks.

The upper earnings limit is $59,520 and applies for the earnings in months prior to the month of FRA, in the year reaching FRA. For every dollar earned over this higher limit, $1 for every $3 will be withheld from your checks.

For personalized assistance, schedule a call with an RSSA here.

Take care,
Martha

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