age and social security earnings
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 benefit. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn. If your full retirement age is 65 and you start receiving Social Security benefits at age 62, your monthly benefit will be decreased by 20 percent, according to the SSA. If your full retirement age is 67 and you start collecting Social Security at 62, your monthly benefit will be reduced by approximately 30 percent. How to Get a Copy of Your Social Security Statement. The SSA mails out Social Security Statements to follks age 25 and over (who are not already receiving Social Security benefits) before their birthdays during their 25, 30, 35, 40, 45, 50, 55, and 60 years. For those age 60 until retirement, the SSA will send out statements every year. Full Retirement Age Defined. If you were born before 1938, your full retirement age is 65 years old. Full retirement age goes up by two months for each year after that until 1943, when it hits 66 years old. It remains at 66 for people born from 1943 to 1954 and goes up by two months each year until 1960. Your estimated earnings: If you reach your normal (or full) retirement age this year, enter only those earnings made prior to the month you reach this age. The retirement earnings test does not apply once you reach normal retirement age. Your estimated monthly benefit: (before application of the retirement test) If you will reach full retirement age in 2017, the limit on your earnings for the months before full retirement age is $44,880. Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings. It depends. 1  If you are full retirement age, you can work and earn as much as you want and keep all of your Social Security benefits. 2  If you are younger than full retirement age, you may receive all your benefits as long as your earnings are under the limits noted below. Like - Click this link to Add this page to your bookmarks Share - Click this link to Share this page through email or social media Print - Click this link to Print this page. I retired last year, and started receiving social security payments. Calculate the best retirement age to claim your Social Security benefits. En español | Let the Social Security Calculator help you figure out how much retirement income you’ll receive at different claiming ages so you can determine when you should claim Social Security. What is the Social Security Retirement Age? Social Security's full-benefit retirement age is increasing gradually because of legislation passed by Congress in 1983. Traditionally, the full benefit age was 65, and early retirement benefits were first available at age 62, with a permanent reduction to 80 percent of the full benefit amount. Currently, the full benefit age is 66 for people born in 1943-1954, and it will gradually rise to 67 for those born in 1960 or later.
Full retirement age is 65, and early retirement benefits were first available at age 62, with a permanent reduction to 80 percent of the full benefit amount.