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After a long and tiring argument with friends about Social Security and working part-time, I gave up and hit the Internet. I used Google and spent two hours using all my search skills to answer this question:
"Of the people collecting early Social security at ages 62,63,64 or 65 and have not reached their official retirement age and have a limit on how much they can earn before their benefits would be cut, how many are actually working?
Many of my friends who are 62-65 are retired and collecting benefits but none of them are working for pay. They tell me that no one they know is working, other than me, while collecting Social Security benefits. I told them that I suspect it is quite common for people who are collecting early Social Security benefits are working part-time for pay.
Please help me solve this argument with real statistics about working and early Social Security. Thanks in advance.
Last edited by Working Part Time; 08-22-2018 at 09:27 AM..
My husband was working full-time and getting his at full retirement age.
Thanks for replying but I am not looking for personal stories. I am looking for stats so I can pass it on to my friends who tell me I am wrong in my belief that a majority of people collecting Social Security at 62-65 are also working part-time for pay.
Thanks for replying but I am not looking for personal stories. I am looking for stats so I can pass it on to my friends who tell me I am wrong in my belief that a majority of people collecting Social Security at 62-65 are also working part-time for pay.
Most of the one's I've spoken to did but you'd need to talk to them at SS to see how much you are allowed to earn until you reach full retirement age. I mean you can work all you like but you'd be penalized after a certain amount.
After you reach full retirement age you can work all you want, it just increases your income and taxes.
Thanks for replying but I am not looking for personal stories. I am looking for stats so I can pass it on to my friends who tell me I am wrong in my belief that a majority of people collecting Social Security at 62-65 are also working part-time for pay.
If you're looking for stats go to a statistics forum. Or research the internet. Here you're going to primarily get personal stories.
My wife and I both retired at age 62. We both got a little bored and took on part time jobs. The nicest thing was as we did not need the money (we used it to keep funding IRA's) we could walk out at anytime.
We both worked for about 4 years (64 to 68) then we relocated and we both stopped working.
Considering the Income Limits, the give-back, and the reduced draw.....working while collecting early didn't make sense to me.
I can earn about $1400 a month and stay below the income limits for tutoring, which I love. Combined with my monthly SS of $1376, I get an amount equal to my part of our financial needs without having to touch savings. All for working about 15 hours a week. What a life!
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