Ask Larry

I will be 62 on July 12, 2018.I have worked full time the first 6 months of 2018 and am going to start part time in July. Will the income that I earned the first 6 months of 2018 count toward the yearly maximum or does it start from the date my SS starts? How much can I earn the year that my SS starts?

Hi,

Yes your earnings in the first 6 months and the last 6 months of 2018 would count toward Social Security's earnings test exempt amount of $17,040, but you could still potentially be paid for August through December of 2018 if you earn no more than $1420 in any of those months (https://www.ssa.gov/planners/retire/rule.html). August is the first month that you could be eligible for Social Security retirement benefits because you must be at least age 62 for a full month in order to qualify.

However, before filing for benefits at age 62 and locking yourself into a permanently reduced monthly benefit rate, you should strongly consider using our maximization to explore and compare your alternative filing options.

Best, Jerry