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You’re finally 62, but is it time to start your Social Security benefits? - Finance.yahoo.com
After years of working, reaching the age of 62 means you can access Social Security benefits. But is it optimal for you now? Do you still plan on working? If so, earnings are limited until your full retirement age (FRA). The 2026 earnings threshold is $24,480. Exceeding this, Social Security will reduce your benefit by $1 for every $2 earned above the limit. Significant income may prevent you from being eligible to begin benefits. The earnings cap lasts until you reach FRA, when earnings are unlimited. For those born in 1960 or later, Social Security reduces payouts by 30% if you take them at 62.
Maurie Backman offers insight on choosing when to claim Social Security benefits. If Social Security will be a primary source of retirement income, consider delaying benefits until your full retirement age. Read the complete article here….
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