I am 62, should i take early Social Security? (55, pension, years)

[jxdama]

I have a job where i make about 12,700 a year. If i take early retirement will i face no penalty for earning 12700 a year?

[brava4]

Please do a search... above. There are TONS of threads about this topic.

[AZDesertBrat]

Originally Posted by jxdama

I have a job where i make about 12,700 a year. If i take early retirement will i face no penalty for earning 12700 a year?

I believe the limit is now around $15,000. I would sincerely encourage you to wait to collect SS. The ONLY thing I regret about taking mine at 62...especially since I get so little...is that I would be getting quite a bit more if I'd waited three more years. Mine does go up every year, but not by much, because I AM still working and contributing to SS/Medicare.

[jxdama]

thanks. hard to decide what to do.

[oldsoldier1976]

Originally Posted by jxdama

thanks. hard to decide what to do.

if you are in need on additional income then file. You will be able to earn up to $15,700 annually. Income above that level reported will take 1 dollar for every 2 over that limit. So if you by chance earn 16,700 one year the SS will take 500 from your following yearly total payment. That will then go into your SS fund to recalculate in subsequent years up.

[Mr5150]

Originally Posted by jxdama

I have a job where i make about 12,700 a year. If i take early retirement will i face no penalty for earning 12700 a year?

The real question is whether you want to get a SS benefit that is 30% lower for the rest of your life than had you waited until age 66 to file. Sounds like SS is all that you will have.

[Caltovegas]

Single or married? Can you live on the monthly amount you will get? If not. Here's a suggestion. Keep working and forget the nay sayers and find a network marketing company and sell/recruit as hard as you can for the next 4-5 years or until you are satisfied with your income.

Here's another suggestion. For building a team purposes go after motivated young people because they will put in years to the business which may keep you earning good residual income.

From my observation when retiring knowing the guaranteed monthly amount is important. Also be debt free..

[rmm0484]

Originally Posted by jxdama

I have a job where i make about 12,700 a year. If i take early retirement will i face no penalty for earning 12700 a year?

If you wait until you are 66 or 67, you can work without penalty and still collect your pension. You will be almost twice as wealthy. The time goes by fairly quickly, and you will be glad that you waited. I would only recommend early SS if you are not in good health.

[Chickrae]

Wait till your are at the age that you can get your full s. s. if at all possible. It's more money and if you are in good health and can work, it's worth the wait. I believe the income limit as to what you can make before collecting your full s. s. is 15,000. My husband applied for his and that is what he was told. He took it at age 62 and I wanted him to wait because I am younger and still working, so he might as well wait, but he chose not too. He makes well over the 15,000 and he is self-employed and still working so now he will have to pay penalties.

As the previous poster mentioned, when are full s.s. age then you can make as much as you want with no penalties and collect it

I am waiting till 66.

[StealthRabbit]

Originally Posted by jxdama

thanks. hard to decide what to do.

Not so hard....

Will you live beyond age 84.?

No.... Take SS early

Yes.... Wait until at least FRA before taking SS.


Don't know.... Do current math.
Will you starve?

If so.... Get a PT job. One that feeds you!