I am doing the math on that now. - StillAnMT Posted: Oct 11th, 2016 - 10:51 am In Reply to: Anyone retired at age 62 but kept working - to receive health insurance
This is what I have learned:
If I start taking Social Security before my full retirement age (66 for me) I can earn $15,700 a year with no penalty. Earning above that has a penalty. See the Social Security website for the details on that penalty.
Once I reach my full retirement age, I can make any amount of money I want and not be penalized by Social Security.
If I start taking Social Security, in the first year I can stop it (say I get a really good job and so do not need the Social Security). But I would have to pay Social Security back all the money I had received from them.
Whatever the amount is when I start collecting, that is pretty much my base amount. So even if I work and pay into the Social Security system, it will be less than it I had just waited to collect it.
The difference between my benefits at age 62 compared to age 66 is about $500/ month more. If I wait to age 70 1/2 to start collecting Social Security, my benefits are $1000 more than the age 62 benefit!
Everybody's situation is different. But the rules of Social Security do not change! See if your local library or senior center offers free classes on Social Security education. Also get on the Social Security website. They have easy-to-understand info on these things you are wrestling with.
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