Can You Collect Social Security at 62 and Still Work?
Many people wonder if they can collect Social Security at age 62 while still working. The short answer is yes. However, just because you can doesn’t necessarily mean you should. If you claim Social Security at age 62 while still working, you will be penalized, first for claiming it at 62, and second for any earnings you make over $21,240. For every $2 you earn above that amount, there’s a $1 reduction in your benefit amount. With that in mind, we recommend waiting until you reach the full retirement age of 67 to claim social security. Some people can postpone it even longer until age 70, and that’s even better because it allows you to receive the full eight 8% benefit every year after that.
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Michaela Laney,
Financial Planning Associate, Wiser Wealth Management
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