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Early social security

i am planning to apply for social security at age 62.how it will effect my tax if i still a full time worker?


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Don't sweat the petty things and don't pet the sweaty things.

You can get Social Security retirement benefits as early as age 62, but if you retire before your full retirement age, your benefits will be permanently reduced, based on your age. For example, if you retire at age 62, your benefit would be about 25 percent lower than what it would be if you waited until you reach full retirement age. Some people stop working before age 62. But if they do, the years with no earnings will probably mean a lower Social Security benefit when they retire. See this web page from the Department of Social Security for more information. As far as taxes see this web site.

 

To add to the previous answer, if you make more than the allowed limit your benefits will also be reduced $1 for every $2 over the limit that you make. Once you reach your full retirement age, the reduction does not apply.  Your other earnings could also make up to 85% of your SS benefit taxable.  The SSA website has a calculator to assist you in figuring out what your benefit would be and if it would be worth filing early.

Posted 2009-11-09T17:09:40Z
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