What would you like to do?

If you make 50000.00 a year how much would your Social Security payments be reduced at age 62?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

If you make 50000.00 a year how much would your Social Security payments be reduced at age 62?
This is impossible to answer with the information provided, because the earliest you can file for Social Security retirement is your sixty-second birthday. Bear in mind, when you retire at 62, your monthly benefit will be approximately 75% of the amount you would receive if you retired at full retirement age (probably 66).

There are special earned-income rules for the first year of retirement, such that you are not penalized for any income earned before your date of retirement, regardless of the amount. After the date of retirement, you can earn only $1,180 per month (one-twelfth of $14,160 per year) before incurring a reduction in benefits of $1.00 for every $2.00 earned over the limit.

From age 63 until the year you reach full retirement age (65 if born before 1943; 66 if born between 1943 and 1954), you can only work and earn $14,160 per year without penalty. Income earned above the limit temporarily reduces your benefit by $1.00 for every $2.00 over the limit.

$50,000 - $14,160 = $35,840
$35,840/2 = $17,920
(qualified benefit) - $17,920 = (remaining benefit)

Earnings of $50,000 would temporarily reduce your benefits by $17,920 per year, or $1,493.33 per month. If this amount exceeds your entitlement, your monthly payment would be zero.

When you reach full retirement age, the earned-income cap is permanently lifted, and your benefit will not be reduced regardless of the amount you earn.
5 people found this useful
Thanks for the feedback!
Follow

After Season 2, you decided to quit your job, ditch the SUR crew, and move to NYC to pursue a career in fashion. Was there a final straw moment when you knew that you were donezo with SUR and the crew?

View Full Interview

How much can you earn before Social Security payments are reduced when you are working before full retirement age?

For 2016, the limit is $15,720. (The amount goes up each year.)   These things don't count towards the limit:    Pensions   Annuities   Investment Income 
How much an hour is 50000.00 a year?

How much an hour is 50000.00 a year?

About $24.04 an hour.
You were born in 1953 can you draw Social Security at age 62?

You were born in 1953 can you draw Social Security at age 62?

Yes, under the current laws anyone who has accumulated 40 work credits may retire at age 62, but you will only receive approximately 75% of the benefit you would be entitled t

How much can you earn at age 66 but started Social Security at age 62?

The fact that you started retirement at age 62 will have no bearing on income limits at age 66. If you were born between 1943 and 1954, you will reach full retirement age at

Is your income limited if you collect Social Security at age 62?

Yes. Your income is limited in several ways. First, at age 62 you would receive approximately 75% of the retirement benefit you would be eligible for if you waited until full

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

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 ea
Can you draw Worker's Comp and Social Security at age 62?

Can you draw Worker's Comp and Social Security at age 62?

Yes, but your Social Security benefits may be temporarily reduced to prevent a windfall. If you are collecting from both programs, the maximum you can receive is 80% of your c
How much income can you earn in 2010 and collect Social Security at age 62?

How much income can you earn in 2010 and collect Social Security at age 62?

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

Can you collect Social Security at age 62 if you are still working?

Yes, however if you begin drawing retirement benefits at age 62 you would only receive approximately 75% of the amount you would be entitled to by waiting until full retiremen

What is the maximum Social Security benefit at age 62?

The exact amount of your benefit is calculated based on the average of your 35 highest-earning years, which varies by individual. At age 62, you would receive 75% of the amoun

Do Social Security disability benefits stop at age 62?

No, Social Security benefits continue unless you reenter the workforce and engage in Substantial Gainful Activity (SGA), which translates to earning more than an average of $1

How much income can you earn and still draw early Social Security at age 62?

2010 and 2011 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 ea

What will your Social Security benefits be at age 62?

Social Security Online has benefit calculators to help you estimate how much retirement income you may receive. Bear in mind that retiring at 62 will reduce the monthly amount

How much money can you earn on Social Security at age 62?

For 2016, the limit is $15,720. (The amount goes up each year.)   These things don't count towards the limit:    Pensions   Annuities   Investment Income   In