What is the maximum Social Security benefit at age 62?

Answer 1

First, you must be 62. Second, there is an upper limit on the income you are allowed to earn. Third, it is a reduced amount from the amount you will get if you continue working and begin collecting social security at a later date. Fourth, you will not collect medicare until you are 65 so if you get health insurance through your job, you might have difficulty.

Answer 2

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 amount that you would qualify to receive if you waited until your Full Retirement Age (66 if you were born between 1943 and 1954).

The maximum retirement benefit is $2,346. This is based on a person retiring at age 66 in 2010, after making at least 35 years of maximum FICA contributions. At age 62, that person would receive $1,759.50 per month.

The average monthly benefit for a retired worker is $1,164. At age 62, that benefit would be permanently reduced to $863.00 per month (not including periodic cost of living adjustments).

Answer 3

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 retirement age (most likely 66) to file. Second, although you may draw Social Security benefits and work at the same time, your earned income will be limited to $1,180 per month ($14,160/year) until you reach full retirement age.

If you exceed the limit, SSA will withhold $1.00 in benefits for every $2.00 earned over the maximum. You would not receive any checks or deposits the following year until the overage is completely offset.