You can file starting at age 62 however filing early permanently lowers the monthly benefit you’ll receive for the rest of your life. If you continue working after you start receiving benefits at age 62, you’re subjected to an “Earnings Limit Test.” For every $2 you earn that exceeds the Earnings Limit, $1 is withheld from your monthly Social Security benefit. Add to this, a portion of your benefit may be taxable if you continue to work after filing early.

The Social Security rules for spousal benefits are complex. The amount a spouse receives is determined by their own work record, the work record of their spouse, and the age at which the higher-earning spouse started receiving Social Security. If a higher-earning spouse files early at age 62, it permanently reduces the amount their spouse receives. However, there are strategies couples can use to maximize their benefit. Schedule an appointment with the experts at Conner Financial Group – we understand the ins and outs of Social Security.

At best, your Social Security benefit replaces about 40% of the income you earned during your working years. In fact, when calculating rising inflation, higher cost of living, and ever-rising healthcare costs, many experts estimate you’ll need to replace 70% to 80% of your pre-retirement earnings to live comfortably when you retire. To learn more, schedule an appointment with the experts at Conner Financial Group and receive a free Social Security Report personalized with your financial information.