How much a person earns from Social Security depends on the year, current age and full retirement age (based on year of birth). As of 2014, you are able to earn up to $15,480 before deductions if you are collecting early benefits (available at age 62).Know More
If you are collecting early benefits and are earning more than $15,480 for the entire year, your benefits will receive a deduction of $1 for every $2 you earn above the limit.
Here is an example from the Social Security Administration website. If you work and earn $23,480 ($8,000 over the $15,480 limit) in 2014, then your Social Security benefits would be reduced by $4,000 ($1 for every $2 you earned over the limit). However, you would still receive $5,600 of your $9,600 in benefits for 2014 ($9,600 - $4,000 = $5,600). If you will reach full retirement age in 2014, the limit on your earnings, for the months before full retirement age, is $41,400. If you earn more than $41,400 in the months before you reach your full retirement age, then your benefits will have a deduction of $1 for every $3 earned over the limit.
Though you may receive deductions for working while collecting, you may be able to increase your lifetime earnings average, which could increase your future benefits at full retirement age. There is a retirement earnings calculator available at SSA.gov.Learn more about Social Services
The best way to plan now for the highest future Social Security benefit is to delay collecting benefits until full retirement age or later. Because Social Security benefits are calculated by factoring in the 35 working years with highest income, working longer often increases future monthly benefits.Full Answer >
A 62-year old individual who has earned the compulsory 40 credits is eligible to apply for Social Security benefits before the full retirement age. Depending on the person's birth year, full retirement age is between 65 and 67. Early retirees receive a corresponding percentage decrease in their monthly Social Security checks based on their full retirement age.Full Answer >
A person can receive Social Security benefits as early as age 62, but the amount received is less than the amount received at full retirement age, according to the Social Security Administration. Each additional year a person waits brings him closer to the full benefit amount.Full Answer >
Widows and widowers can receive Social Security benefits as early as age 60, though benefits are reduced if they are taken before reaching full retirement age. Widows and widowers may switch to their own retirement benefits between the ages of 62 and 70 if they choose, according to Social Security.Full Answer >