Can you retire at 62 and still work?

Yes, you can retire at 62 and still work, but your Social Security benefits will be reduced if your earnings exceed annual limits until you reach your full retirement age (FRA). At FRA (around 67 for those born in 1960 or later), earnings no longer reduce benefits, and past deductions are added back, increasing payments. Claiming at 62 gives you immediate income but permanently reduces your monthly amount (about 30% less than FRA), so it's a trade-off between less money now versus more later.

How many hours are you allowed to work if you 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's the average Social Security check at age 62?

The average Social Security check for someone retiring at age 62 is around $1,300 - $1,340 per month, but this is significantly reduced from your full retirement age (FRA) benefit, which can be up to 30% less. For example, data from late 2024 showed averages around $1,342, while some 2025 estimates put it near $1,298-$1,300, but this varies based on individual earnings and when you claim, as delaying until FRA (around 67) or age 70 yields much higher payments. 

Can I collect 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 money are you allowed to make per year if you retire at 62?

Social Security Earnings Limit

If you claim your benefit before hitting your full retirement age, you'll be subject to the earnings limit. The specific amount adjusts each year, but for 2025 it's $23,400. If you earn more than that amount, your monthly benefit is reduced by $1 for every $2 you earn above the limit.

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

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.

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. 

What is the downside to taking Social Security at 62?

The primary disadvantage of claiming Social Security at age 62 is a permanently reduced monthly benefit, potentially by up to 30%, because you're taking it at the earliest possible time, not your Full Retirement Age (FRA), which is usually 67 for those born after 1960. This smaller base amount also leads to smaller future Cost-of-Living Adjustments (COLAs), meaning your benefit grows less over time, and it can impact spousal/survivor benefits, limiting your lifetime income potential significantly. 

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."

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.

Is $5000 a month a good retirement income?

Yes, $5,000 a month ($60,000/year) is often considered a good, even comfortable, retirement income for many Americans, aligning with average spending and covering basic needs plus some extras in most areas, but it depends heavily on location (high-cost vs. low-cost), lifestyle, and if your mortgage is paid off; it provides a solid base but needs careful budgeting and supplementation with Social Security and savings, say experts at Investopedia and CBS News, Investopedia and CBS News, US News Money, SmartAsset, Towerpoint Wealth. 

What is the most Social Security you can get at age 62?

The most Social Security you can get at age 62 in 2025 is about $2,831 per month, but this requires a history of maximum earnings, and claiming at age 62 significantly reduces your benefit by roughly 30% compared to your full retirement age amount. For 2026, this maximum is projected to be around $2,969, while waiting until full retirement age (FRA) or age 70 yields much higher benefits, with the 2025 maximum at FRA being $4,018 and at age 70 reaching $5,108. 

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.

Can I retire at age 62 and work part-time?

Retiring at 62 and working part-time is totally doable, offering income, purpose, and health coverage, but you need to watch your Social Security earnings if you collect early (benefits get reduced until your Full Retirement Age, then stop being reduced) and be mindful of taxes on benefits, while also planning for Medicare at 65, but a part-time job can provide crucial health insurance before then, making it a great way to supplement savings without over-withdrawing. 

What happens if I retire and then go back to work?

If you retire and go back to work, your Social Security benefits might be reduced if you're under full retirement age (FRA) due to earnings limits, but benefits increase once you reach FRA, with past reductions often recalculated for higher future payments. For pensions (like federal), returning to work often means your salary is reduced by your annuity amount (salary offset) or benefits stop if the new job requires pension membership, while other plans have varying rules. You also need to consider Medicare enrollment timing and potential tax implications, as working can affect your combined income and taxation of benefits. 

Does Dave Ramsey recommend taking Social Security at 62?

Ramsey says it's fine to collect benefits as early as age 62 — something most financial experts advise against — if you take your checks and invest them.

What is the $1000 a month rule for retirement?

The $1,000 a month retirement rule is a simple guideline stating you need about $240,000 saved for every $1,000 of monthly income you want from your investments in retirement, based on a 5% annual withdrawal rate ($240k x 0.05 / 12 = $1k/month). It's a motivational tool to estimate savings goals (e.g., $3,000/month needs $720k), but it's one-dimensional, doesn't account for inflation, taxes, or other income like Social Security, and assumes steady 5% returns, making a personalized plan essential. 

What is the smartest age to collect Social Security?

The "smartest" age to collect Social Security varies, but age 70 is often statistically best for maximizing lifetime benefits, as monthly checks grow significantly until then, especially for higher earners and those expecting long lives; however, claiming at Full Retirement Age (FRA) (67 for most) secures 100% of benefits, while taking it as early as 62 provides income sooner but permanently reduces payments, making it ideal for those with immediate financial needs or shorter life expectancies. 

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.

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.

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 is a good monthly income for retirees?

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 are the changes for Social Security in 2025?

The COLA was 2.5 percent in 2025. Nearly 71 million Social Security beneficiaries will see a 2.8 percent COLA beginning in January 2026. Increased payments to nearly 7.5 million people receiving SSI will begin on December 31, 2025. (Note: Some people receive both Social Security benefits and SSI).

Can I draw Social Security at 62 and still work full time after?

Yes, you can draw Social Security at 62 and work full-time, but the Social Security Administration (SSA) will temporarily reduce your benefits if your earnings exceed yearly limits until you reach your Full Retirement Age (FRA), after which there's no earnings limit, and your benefit amount will increase to account for past deductions. For example, in 2025, if you're under FRA, the SSA deducts $1 for every $2 you earn over $23,400; this stops when you hit your FRA (age 67 for those born 1960+), and you get credit for withheld benefits.