You can earn any amount and not be affected by the Social Security earnings test once you reach full retirement age, or FRA. That's 66 and 2 months if you were born in 1955, 66 and 4 months for people born in 1956, and gradually increasing to 67 for people born in 1960 and later.
In 2022, if you collect benefits before full retirement age and continue to work, the Social Security Administration will temporarily withhold $1 in benefits for every $2 you earn over $19,560. If you will reach FRA in 2022, the earnings limit goes up to $51,960, and $1 is deducted from your benefits for every $3 you earn over that. Once you actually attain full retirement age, the earnings limit goes away.
The only Social Security benefits affected by working after reaching full retirement age are benefits paid to disabled adult children collecting on a parent’s earnings record.
Keep in mind
If you did have benefits withheld before reaching full retirement age due to work income, you can recoup them afterward. When you hit full retirement age, Social Security bumps up your monthly benefit to make up, over time, for the withholding.
Updated December 23, 2021
Starting Your Retirement Benefits Early (En español)
You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full
retirement age up to age 70, your benefit amount will increase. If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age. To find out how much your benefit will be reduced if you begin receiving benefits from age 62 up to your full retirement age, use the chart below and select your year of birth. This example is based
on an estimated monthly benefit of $1000 at full retirement age.
Full Retirement and Age 62 Benefit By Year Of Birth
1943-1954 | 66 | 48 | $750 | 25.00% | $350 | 30.00% |
1955 | 66 and 2 months | 50 | $741 | 25.83% | $345 | 30.83% |
1956 | 66 and 4 months | 52 | $733 | 26.67% | $341 | 31.67% |
1957 | 66 and 6 months | 54 | $725 | 27.50% | $337 | 32.50% |
1958 | 66 and 8 months | 56 | $716 | 28.33% | $333 | 33.33% |
1959 | 66 and 10 months | 58 | $708 | 29.17% | $329 | 34.17% |
1960 and later | 67 | 60 | $700 | 30.00% | $325 | 35.00% |
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Before You Make Your Decision
There are advantages and disadvantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is your benefit will be reduced. Each person's situation is different. It is important to remember:
- If you delay your benefits until after full retirement age, you will be eligible for delayed retirement credits that would increase your monthly benefit.
- That there are other things to consider when making the decision about when to begin receiving your retirement benefits.
If you decide to delay your benefits until after age 65, you should still apply for Medicare benefits within three months of your 65th birthday. If you wait longer, your Medicare medical insurance (Part B) and prescription drug coverage (Part D) may cost you more money.