10 Commonly Asked Questions About Social Security
Can I work and still collect Social Security at 62?
Yes, but if you earn more than $22,320 in 2024, your benefits may be temporarily reduced. Once you reach full retirement age (FRA), the earnings limit no longer applies, and any withheld benefits will be recalculated and added back.
How much will my benefits be reduced if I claim at 62?
If you claim at 62, your monthly benefit can be reduced by up to 30% compared to waiting until full retirement age (or FRA). The exact reduction depends on your birth year and FRA.
Will my Social Security benefits be taxed?
It depends on your total income. If your combined income (Social Security + other earnings) exceeds $25,000 for single filers or $32,000 for married couples filing jointly, a portion of your benefits may be taxable—up to 85% in some cases.
Can I change my mind after claiming at 62?
Yes, but only within the first 12 months of claiming. You must withdraw your application and repay all benefits received. After that, your decision is generally permanent.
How do spousal benefits work if I claim at 62?
If you claim spousal benefits at 62, your benefit will be reduced. To receive the full spousal benefit (50% of your spouse’s full retirement amount), you must wait until your full retirement age.
What happens to my benefits if I keep working past 62?
If you work and earn above the annual earnings limit before FRA, your benefits may be reduced. However, after FRA, your benefits will be recalculated to account for the reduction.
How do I apply for Social Security at 62?
You can apply online at the Social Security Administration’s website, by phone, or in person at a local Social Security Administration office.
What happens if I wait past 62 to claim benefits?
For every year you delay past 62 (up until 70), your monthly benefit increases. Delaying to age 70 maximizes your monthly benefit.
Will my Social Security benefits increase with inflation?
Yes, Social Security benefits receive Cost-of-Living Adjustments (COLAs) based on inflation, typically announced annually.
Can I receive Social Security and a pension at the same time?
Yes, but if you have a pension from work that did not pay into Social Security, the Windfall Elimination Provision (WEP) or Government Pension Offset (GPO) may reduce your benefit.
At 62 Ky’s For You, we want to help you navigate your Social Security benefit options with confidence. Book an appointment today!