How much can I earn while on Social Security in 2024 at age 62?
Asked by: Mallie Harris | Last update: August 27, 2025Score: 4.3/5 (67 votes)
How much can I earn if I retire at 62 in 2024?
You can earn a maximum of $22,320 before your benefit is reduced in 2024. Your earnings for the entire year are counted. Your benefit will be reduced by $1 for every $2 you earn beyond that limit.
What is the 2025 Social Security earnings limit?
Cost-of-Living Adjustment (COLA) Information for 2025
The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $176,100. The earnings limit for workers who are younger than "full" retirement age (see Full Retirement Age Chart) will increase to $23,400.
How much money can I make a year if I collect Social Security at 62?
The earnings limit increases (to $56,520 in 2023) for the calendar year in which you'll reach full retirement age. Starting in the month you hit your full retirement age, there is no longer an earnings limit. Your benefits will no longer be reduced regardless of how much income you have.
Can I draw Social Security at 62 and still work full time?
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.
Working While Receiving Social Security (The New 2024 Rules)
What is the earned income limit for Social Security in 2024?
If you have filed for your Social Security retirement benefit and you are under your FRA, the earnings limit for 2024 is $22,320/year ($1,860/month). This means that you can earn up to $22,320 and continue to receive your Social Security retirement benefit.
Why do smart people take Social Security at 62?
Key Takeaways
Taking Social Security at age 62 can make sense for retirees with health issues. If you're done working for good and do not expect to earn above the annual limit for Social Security earnings, taking benefits early can help cover living expenses.
What does the average 62 year old get from Social Security?
How much does the average 62-year-old get from Social Security? The average Social Security benefit overall was $1,905.31 per month in 2023. But it's larger today thanks to cost-of-living adjustments (COLAs). Benefits increased 3.2% in 2024, which would raise the average benefit to $1,966.28.
When my husband dies, do I get his Social Security and mine?
You cannot claim your deceased spouse's benefits in addition to your own retirement benefits. Social Security only will pay one—survivor or retirement.
What is the Social Security earnings test for 2024?
Social Security earnings test for annual income
The Social Security Administration always applies the annual earnings test first. Based on that test, the agency temporarily withholds $1 of a worker's benefits for every $2 earned over $23,400 in 2025, up from $22,320 in 2024.
What are the changes to Social Security in 2024?
For 2024, the amount of earnings that will have no effect on eligibility or benefits for SSI beneficiaries who are students under age 22 is $9,230 a year. The amount of earnings that we can exclude each month, until we have excluded the maximum for the year, is $2,290 a month.
What is the #1 reason to take Social Security at 62?
It's possible 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.
How do I get the $16728 Social Security bonus?
Specifically, a rumored $16,728 bonus that had people wondering if it was true or not in 2024? Sadly, there's no real “bonus” that retirees who receive Social Security can collect.
How much can I make in 2025 while on Social Security?
If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2025, that limit is $23,400.
Can two wives collect Social Security from one husband?
Each survivor benefit can be up to 100% of your benefit. The amount may be reduced if the women start benefits before their own full retirement age, but they don't have to share — the amount isn't reduced because you've had more than one spouse.
What not to do when your spouse dies?
- Not Obtaining Multiple Copies of the Death Certificate.
- 2- Delaying Notification of Death.
- 3- Not Knowing About a Preplan for Funeral Expenses.
- 4- Not Understanding the Crucial Role a Funeral Director Plays.
- 5- Letting Others Pressure You Into Bad Decisions.
What are the changes coming to Social Security in 2025?
Social Security's earnings test limits also rose in 2025. This year, seniors who work and collect benefits will be able to earn more money without risking having a portion of their Social Security withheld.
What is the average Social Security check at age 62 in 2024?
According to the Social Security Administration's (SSA) monthly snapshot, retired workers received an average Social Security check of $1,783.55 in 2024. That translates to $21,402.60 a year. That's not a lot of money for someone to get by on their own.
What is a good monthly retirement income?
The ideal monthly retirement income for a couple differs for everyone. It depends on your personal preferences, past accomplishments, and retirement plans. Some valuable perspective can be found in the 2022 US Census Bureau's median income for couples 65 and over: $76,490 annually or about $6,374 monthly.
What does Suze Orman say about taking Social Security at 62?
Collecting at Age 62 or 70 Is Not an Either/Or Situation
“Each month you wait to claim increases your monthly amount for the rest of your life. If you can live off of your 401(k) or other retirement income for 6-12 months and wait to claim Social Security, you end up with a longer benefit for life.”
Is taking Social Security at 62 a mistake?
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits only when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.
Should I take Social Security at 62 and keep working?
You can get Social Security retirement or survivors benefits and work at the same time. But, if you're younger than full retirement age, and earn more than certain amounts, your benefits will be reduced. The amount that your benefits are reduced, however, isn't lost.
Can you collect 1/2 of your spouse's Social Security and then your full amount?
You can't collect a spousal benefit if you're eligible for a retirement benefit of your own that's larger than your potential spousal-benefit entitlement; you can claim your own larger benefit or the spousal benefit, but not both.