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How much can I work in retirement without impacting my Social Security benefits?

I am retired at age 62, but I work part-time 5 hours a night earning $13 an hour. Would this be considered making too much money to make and impact my Social Security benefits?

Retirement, Social Security
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October 2018


The answer to your question is hinged on two factors: 1) Have you filed Social Security Benefits yet? 2) How many hours of work do you do per week?

At 62, you’re eligible to file an early social security benefit, but you permanently lock yourself to a 25% deduction.  Had you waited until your full retirement age (FRA) at 66, you would have got 100% benefit.  Moreover, if you already filed the SS benefits, you’re subject to the earning test.  For 2018, that amount is $17,040, or $1,420/mo.  When your income is over that limit of $17,040, SSA will hold $1 for every $2 over that limit. 

For example, your projected income for 2018 will exceed $17,040 by $1,000. Then, SSA will reduce your benefit by $500.  Furthermore, the way that SSA reduces your benefit is not by a monthly deduction, but holds a few months of checks until the deduction is paid off. 

Thus, in case you are just wondering and have not filed the benefits yet, you may want to wait until your FRA.  At that time, you will be able to enjoy the 100% benefit, plus no penalty for working.  Best!

October 2018