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If you draw Social Security at 62 how much additional money can you make?

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Earned Income

If you are 62 years old in 2010, you will reach full retirement age at 66. Under 2010 SSA guidelines, people who have not yet reached full retirement age can earn only $14,160 per year without incurring a penalty. For every $2.00 over the limit, $1.00 is withheld from benefits. There is an exception for the first year of early retirement, though (in this case, age 62).

In the first year, there is no limit on the amount of income you can earn prior to the month you retire. You will not be penalized for pre-retirement income. For the remainder of the year, you will receive a full benefit check for each month in which you earn $1,180 or less (one-twelfth of $14,160).

If you earn more than the maximum allowed, the Social Security Administration will withhold your monthly benefit check beginning in January of the following year until the overage is completely offset.

Unearned Income

There is no limit on passive (unearned) income you can receive from other sources, such as pension, annuities, capital gains, dividends, gifts, etc. There is also no limit to the amount of income other family or household members may earn. None of this money affects your retirement benefits, regardless of your age.
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