The age you start receiving Social Security retirement benefits permanently impacts your monthly payment amount. Claiming earlier than your full retirement age will reduce your benefit, while delaying past your full retirement age can increase it.
Your Social Security benefit amount is directly tied to the age you choose to begin receiving it. You can start benefits as early as age 62, but each month you claim before your full retirement age (FRA) results in a permanent reduction of your monthly payment. Conversely, delaying benefits beyond your FRA, up to age 70, earns delayed retirement credits that permanently increase your monthly benefit amount.
Social Security rules and benefit amounts can change, so it is important to verify current information with the official Social Security Administration.
Can I still work and collect reduced early Social Security benefits?
Yes, you can work and collect reduced early Social Security retirement benefits if you are between age 62 and your full retirement age. However, if your earnings exceed a certain limit, the Social Security Administration will withhold some of your benefits. For 2024, this limit is $22,320. For every $2 earned over this amount, $1 is withheld from your benefits. Once you reach your full retirement age, this earnings limit no longer applies, and you will receive your full monthly benefit, including any previously withheld amounts.