5. You’re a Part-Time Employee
If you’re under full retirement age and you’re still working part-time, but you’re considering claiming Social Security early, then you should know that your benefits may be reduced if you earn more than the annual limit. For 2022, if you haven’t reached full retirement age, your benefits decrease by $1 for every $2 your work income exceeds $19,560.
If you turn full retirement age in 2022, the Social Security Administration withholds $1 in benefits for every $3 you earn above $51,960 until you reach full retirement age. If you’re working part-time in order to make ends meet, claiming Social Security early proves to be a reasonable decision.
6 thoughts on “Claiming Social Security Early: 8 Reasons Why You Should Do This”
Some basic information that every retiree needs to know in evaluating when to pull the trigger on Social Security Benefits. Thank you.
I looked at what my lifestyle will be when I start my SS. Early I will be more vibrant and able to do things. Also I did the simple math and found I would be pretty old by the time the I caught up with the amount I got while taking the earliest benefits.
We tried but were denied.
If you are 62 or older and have contributed for 10 pr more years you cannot be denied. I worked full-time for 46 years starting at age 16 (yes 16…48 hrs a week at a gas station while in HS) I took early retirement at age 61 in November 2017, And claimed benefits to start in March 2018 when I turned 62. My wife is retiring in April and just recieved her first payment this week and just turned 66 this week. If you were denied you either didn’t have enough credits were not 62 or did something wrong filing. Call Social Security and find out.
Why can a widow not claim her husbands survior benefits if married 38 years if she worked for a City government and she only get $350 and she would receive $1000 on his side which would help her payoff the credit card debt he left her on her card-they say it is because of her City check is a little higher but that should not factor into it – she supported him for 38 years – WHY can’t she not get the beneft to help pay off the credit card?
She can get her social security or his, but not both. So take the larger amount!