Can I draw my Social Security at 62 and still work?

Yes, you can collect Social Security at age 62 and still work, but the Social Security Administration (SSA) will temporarily reduce your benefits if your earnings exceed annual limits before you reach your full retirement age, with a special rule for the year you reach full retirement age; however, the withheld amounts are credited back to you as a higher monthly benefit once you hit your full retirement age, and after that, your earnings don't affect your benefits.

How much can you make at 62 and still draw Social Security?

At age 62, you can earn up to the annual limit (e.g., $24,480 in 2026) and get full benefits; earning more results in a $1 reduction for every $2 over the limit, but these withheld benefits are restored later, and once you hit your Full Retirement Age (FRA), there's no limit on earnings, and you receive your full Social Security amount. 

What does Suze Orman say about taking Social Security at 62?

Orman explained that you can start Social Security as soon as 62, but that you shouldn't. She said: "Don't settle for a reduced Social Security benefit. If you are in good health, the best financial move you can make is to not claim Social Security before you reach your full retirement age."

How many hours can I work if I retire at 62?

You can work as many hours as you want at age 62, but your Social Security benefits might be reduced until you reach your Full Retirement Age (FRA), typically 67; after FRA, there are no earnings limits, and you can work full-time without affecting benefits, though high earnings can make benefits taxable. The key factor is your income relative to the annual limit (e.g., ~$23,400 in 2025), not hours, as earnings over the limit reduce benefits dollar-for-dollar before FRA, but this is temporary and recalculated later. 

What is the average Social Security check at age 62?

The average Social Security check for someone retiring at age 62 is around $1,300 to $1,340 monthly, but this amount is permanently reduced, with recent figures showing averages like $1,298 (Dec. 2023) or $1,342 (late 2024). This is significantly less than waiting for your full retirement age (FRA), typically 67 for most, when benefits increase substantially; for instance, the average for a 67-year-old was over $1,880 in late 2023. Your exact benefit depends on your earnings history, with claiming at 62 reducing it by about 30% compared to your FRA benefit. 

Can I collect my Social Security at 62 and still work full-time?

How much do you have to make to get $3,000 a month in Social Security?

To get around $3,000/month in Social Security, you generally need a high earning history, around $100,000-$108,000+ annually over your top 35 years, but waiting to claim until age 70 maximizes this amount, potentially reaching it with lower yearly earnings, say under $70k if you wait long enough, as benefits are based on your highest indexed earnings over 35 years. The exact amount depends heavily on your specific earnings history and the age you start collecting benefits. 

Is it smart to draw Social Security at 62?

Deciding whether to take Social Security at 62 involves weighing immediate cash flow against permanently reduced monthly payments, with the best choice depending on your health, financial needs, other income, and life expectancy; taking it early gives you more checks but smaller ones (up to 30% less), while waiting (up to age 70) means larger checks, providing a longevity hedge, but you'll receive fewer checks overall, making a break-even analysis crucial. 

What happens if I retire at 62 but continue to work?

If you retire at 62 and keep working, you can collect Social Security, but your benefits will be reduced if your earnings exceed the annual Social Security earnings limit (around $23,400 for 2025) until you reach your Full Retirement Age (FRA), with the SSA automatically recalculating and increasing your benefit later to account for withheld payments and higher earnings. You'll get a larger monthly check starting at your FRA, as the SSA gives you credit for the months benefits were withheld and includes higher earning years, plus your benefits might be subject to income tax depending on your total income. 

Can I live off $5000 a month in retirement?

To retire comfortably, many retirees need between $60,000 and $100,000 annually, or $5,000 to $8,300 per month. This varies based on personal financial needs and expenses.

What are the biggest mistakes people make when retiring?

5 retirement mistakes to avoid

• Lacking a life plan. Retirement is a difficult journey to travel without a map. ...
• Overspending. ...
• Claiming Social Security too early. ...
• Being overly conservative with investments. ...
• Retiring too early.

What does Dave Ramsey say about drawing Social Security at 62?

Claiming Social Security at 62 can be risky, because if you don't have a lot of savings to supplement your benefits, you could end up short on income.

What is one of the biggest mistakes people make regarding Social Security?

Claiming Benefits Too Early

One of the biggest mistakes people make is claiming Social Security benefits as soon as they're eligible, which is at age 62. While getting money sooner can be tempting, claiming early has a significant downside: your monthly benefit will be reduced.

How much money will I lose if I retire at 62 instead of 65?

If a worker begins receiving benefits before his/her normal (or full) retirement age, the worker will receive a reduced benefit. A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent.

What are the disadvantages of working while collecting Social Security?

You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefits. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.

What is the 62 70 split strategy?

Social Security Strategies for Spouses

With the first strategy, sometimes called the “62/70 split,” the lower-earning spouse takes Social Security as early as age 62 and the higher-earning spouse postpones filing until age 70 to maximize his or her benefit.

How to make extra income while working full time?

Side Hustles for Full-Time Workers

1. Hold another part-time job. If you have time, you might be able to work a weekend shift in the hospitality industry or at a local retailer. ...
2. Consider being an event planner. ...
3. Use your education and experience to tutor. ...
4. Consider graphic design. ...
5. Look into content creation.

What is considered a good monthly retirement income?

A good monthly retirement income is often considered 70-80% of your pre-retirement income, but it truly depends on your lifestyle, location, and expenses, with benchmarks ranging from $4,000-$8,000+ monthly for a comfortable life, factoring in needs like housing, healthcare, and travel. Financial planners suggest calculating your specific "income gap" by subtracting guaranteed income (like Social Security) from your estimated needs to see what you need from savings. 

What is the cheapest and happiest state for retirees?

Cheapest States to Retire In

• Mississippi. Cost of Living: Lowest in the U.S. ...
• Alabama. Cost of Living: Significantly lower than the national average. ...
• Arkansas. Cost of Living: Among the lowest in the nation. ...
• Oklahoma. Cost of Living: Lower healthcare and housing costs. ...
• West Virginia. ...
• Tennessee. ...
• South Carolina. ...
• Kentucky.

What not to do in retirement?

In retirement, avoid overspending, claiming Social Security too early, getting too conservative with investments, isolating yourself socially, neglecting your health, and failing to plan for inflation or medical costs. Also, don't assume work friendships will last, make big financial moves without discussing them with your spouse, or rely on "common knowledge" for financial decisions. 

How many hours a week can I work if I retire at 62?

While there's no universal cap on post-retirement work hours, the number can impact Social Security benefits and taxes, depending on your age and earnings. Retirees under the full retirement age may see a temporary reduction in benefits if their income exceeds certain limits.

What is the best age to retire?

“Most studies suggest that people who retire between the ages of 64 and 66 often strike a balance between good physical health and having the freedom to enjoy retirement,” she says. “This period generally comes before the sharp rise in health issues which people see in their late 70s.

What is the first reason to take Social Security at 62?

You need to cover expenses and get out of debt

Your current living expenses may surpass your Social Security benefit amount, so you decide to take your benefits early because you can't wait for a larger payout later. Or, you're drowning in debt, and taking benefits now will help.

What are common retirement mistakes?

Among the biggest mistakes retirees make is not adjusting their expenses to their new budget in retirement. Those who have worked for many years need to realize that dining out, clothing and entertainment expenses should be reduced because they are no longer earning the same amount of money as they were while working.

What happens if you take Social Security at 62 and still work?

If you take Social Security at 62 and still work, the Social Security Administration (SSA) will temporarily reduce your benefits if your earnings exceed annual limits, but these withheld amounts are added back later, increasing your monthly payment once you reach your Full Retirement Age (FRA), which is 67 for those born in 1960 or later. After you reach FRA, your earnings no longer affect your benefits at all, and working longer can further boost future payments. 

How to get $3000 a month of Social Security at age 62?

Only workers who consistently earn at or above the Social Security wage base limit for 35 years and strategically delay their benefits can approach this level. Key Requirements to Reach $3,000 Monthly: Maximum earnings history – Earn at or above the wage base limit ($160,200 in 2024) for 35+ years.