how much money can you make on social security at age 62?
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In 2018, if you're younger than full retirement age, you can earn up to $17,040 per year without any reduction in Social Security income. However, once your income exceeds that amount, Social Security will hold back $1 for every $2 earned.
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1, 1958, who has averaged a $50,000 annual income would get a monthly benefit of $1,499 if they file for Social Security at 62, $2,092 at full retirement age (in this case, 66 years and eight months), or $2,650 at 70.
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In 2019, the average monthly retirement income from Social Security was $1,470, according to the Center on Budget and Policy Priorities. That's just $17,640 per year in Social Security benefits.
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If you work and are full retirement age or older, you can earn as much as you want and your benefits will not be reduced. However, individuals may begin taking Social Security retirement benefits early beginning at age 62. ... Once you reach full retirement age, your benefits will no longer be reduced.
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Qualifying for Social Security at age 62 requires 10 years of work or 40 work credits. The maximum monthly Social Security benefit that an individual can receive per month in 2020 is $3,790 for someone who files at age 70.
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The maximum Social Security benefit at 62 is $2,102 per month, but how much could you get?
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Receiving Social Security Income While Working. In the year you reach full retirement age, your benefits will be reduced by $1 for every $3 you earn above $48,600 (for 2020). 7﻿ ﻿Starting with the month you attain full retirement age, your benefits will no longer be reduced.
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In 2019, the annual earnings limit for those achieving full retirement age in 2020 or later was $17,640. That means in 2020 you can earn up to $18,240 and receive your Social Security benefits even if you aren't yet at full retirement age.
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If you start collecting your benefits at age 65 you could receive approximately $33,773 per year or $2,814 per month. This is 44.7% of your final year's income of $75,629. This is only an estimate.
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Limits on Earned Income If Claiming Early Benefits For the year 2019, this limit on earned income is $18,240 ($1,520 per month). The amount goes up each year. If you are collecting Social Security retirement benefits before full retirement age, your benefits are reduced by $1 for every $2 you earn over the limit.
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If you're achieving normal retirement age in 2020, the limit is $48,600. 9﻿ This limit applies to the year in which you achieve retirement age. Anything you earn after reaching normal retirement age is yours to keep and your monthly benefits will not be reduced.
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For someone who worked all of his or her adult life at average earnings and retires at age 65 in 2019, Social Security benefits replace about 38 percent of past earnings.
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Starting with the month you reach full retirement age, there is no limit on how much you can earn and still receive your benefits. Beginning in August 2020, when you reach full retirement age, you would receive your full benefit ($800 per month), no matter how much you earn.
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SSA will deduct $1 from your benefits for each $3 you earn above $41,400 until the month the client reaches full retirement age. The earnings restrictions disappear at full retirement age, meaning clients age 66 or older can earn any amount without losing any Social Security benefits.
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If you earned $20,000 for half a career, then your average monthly earnings will be $833. In this case, your Social Security payment will be a full 90% of that amount, or almost $750 per month, if you retire at full retirement age.
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Cost-of-Living Adjustment (COLA) Information for 2020 The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $137,700. The earnings limit for workers who are younger than "full" retirement age (age 66 for people born in 1943 through 1954) will increase to $18,240.
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Once you reach FRA, there is no cap on how much you can earn and still receive your full Social Security benefit. The earnings limits are adjusted annually for national wage trends. In 2020, you lose $1 in benefits for every $2 earned over $18,240.