{"id":6818,"date":"2024-10-28T08:12:24","date_gmt":"2024-10-28T08:12:24","guid":{"rendered":"https:\/\/finderica.com\/i-got-social-security-early-when-will-i-get-full-benefits\/"},"modified":"2024-10-28T08:12:24","modified_gmt":"2024-10-28T08:12:24","slug":"i-got-social-security-early-when-will-i-get-full-benefits","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=6818","title":{"rendered":"I Got Social Security Early. When Will I Get Full Benefits?"},"content":{"rendered":"\n<div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"lazyload clicker_number\" style=\"position: absolute; height: 1px; width: 100%\" alt=\"ScoreCard Research\" data-count=\"216.98.0.236,216.98.0.236, 172.68.175.18\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\"><\/p>\n<div id=\"dear-SS Reader\"><span class=\"dear-SS Reader-dropcap \">Dear Penny,<\/span><\/p>\n<p><span style=\"font-weight: 400;\">I started receiving Social Security benefits early at age 62. Back then, full retirement age was 65. At what age will I not be penalized for additional income?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u2014 Early Retiree<\/span><\/p>\n<\/div>\n<p><span style=\"font-weight: 400;\">Dear Retiree,<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re still working while receiving Social Security benefits, your earnings can affect the amount you receive in benefits up until your\u00a0<\/span><span style=\"font-weight: 400;\">full retirement age<\/span><span style=\"font-weight: 400;\"> (FRA). That age is based on when you were born, because it\u2019s been increased over the years as life expectancy and funding for the program have changed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For\u00a0<\/span><a href=\"https:\/\/www.ssa.gov\/benefits\/retirement\/planner\/agereduction.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">anyone born<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Before 1943, the FRA was 65.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Between 1943 and 1959, the FRA is 66, plus two months for each birth year between 1955 and 1959.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">In 1960 or later, the FRA is currently 67.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">There have been\u00a0<\/span><a href=\"https:\/\/www.cnbc.com\/2024\/03\/22\/how-social-security-benefits-may-change-under-republican-democrat-proposals.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">recent calls<\/span><\/a><span style=\"font-weight: 400;\"> from some Republican representatives in Congress to raise the retirement age again. Any plan that would do so would likely follow the birth-year model of earlier increases to avoid impacting folks who are close to reaching FRA.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After you reach full retirement age, your earnings will\u00a0<\/span><a href=\"https:\/\/www.ssa.gov\/benefits\/retirement\/planner\/otherthings.html?tl=0\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">no longer affect your benefit amount<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Until then, your\u00a0<\/span><a href=\"https:\/\/www.ssa.gov\/benefits\/retirement\/planner\/whileworking.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">yearly benefits will be reduced<\/span><\/a><span style=\"font-weight: 400;\"> by $1 for every $2 you earn in income over the limit, which is $22,320 per year for 2024.<\/span><\/p>\n<div class=\"thepe-top-of-post\" id=\"thepe-1651102493\">\n<div class=\"adBorder\" id=\"thepe-1273320714\">\n<h3>7 Ways to Make Money if You Hate People<\/h3>\n<p>Do you avoid people too? In the past, there was almost no way around working with people if you wanted to earn a living, but things have changed.<\/p>\n<p>Our team has compiled a <a href=\"https:\/\/partners.thepennyhoarder.com\/people-prt\/?aff_id=384\" target=\"_blank\" rel=\"noopener\">list of creative ways<\/a> you can fatten your bank account this month, without having to put up with people.<\/p>\n<p>Enough small talk. <a href=\"https:\/\/partners.thepennyhoarder.com\/people-prt\/?aff_id=384\" target=\"_blank\" rel=\"noopener\">Here are some ways<\/a> to earn extra cash, without all of the social stuff.<\/p>\n<\/div>\n<\/div>\n<p><span style=\"font-weight: 400;\">Once you reach full retirement age, your monthly benefits will be recalculated so you get credit for any months your benefits were reduced while you were working. That means the total amount you receive over time doesn\u2019t change just because you\u2019re earning income; your monthly benefits are just reduced temporarily.<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">Dana Miranda is a Certified Educator in Personal Finance\u00ae and author of YOU DON\u2019T NEED A BUDGET. She writes <\/span><\/i><a href=\"https:\/\/www.healthyrich.co\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Healthy Rich<\/span><\/i><\/a><i><span style=\"font-weight: 400;\">, a newsletter about how capitalism impacts the ways we think, teach and talk about money.<\/span><\/i><\/p>\n<div class=\"thepe-bottom-of-post\" id=\"thepe-1138916032\">\n<div class=\"adBorder\" id=\"thepe-606574107\">\n<h3>The 5 Dumbest Things We Keep Spending Too Much Money On<\/h3>\n<p>You\u2019ve done what you can to cut back your spending.You brew coffee at home, you don\u2019t walk into Target and you refuse to order avocado toast. (Can you sense my millennial sarcasm there?)<\/p>\n<p>But no matter how cognizant you are of your spending habits, you\u2019re still stuck with those inescapable monthly bills.<\/p>\n<p>You know which ones we\u2019re talking about: rent, utilities, cell phone bill, insurance, groceries\u2026<\/p>\n<p>Ready to stop paying them? <a href=\"https:\/\/partners.thepennyhoarder.com\/spending-too-much-sdyn-prt\/?aff_id=384\" target=\"_blank\" rel=\"noopener\">Follow these moves\u2026<\/a><\/p>\n<\/div>\n<\/div>\n<p>        <!-- ACF Financial Disclaimer --><\/p>\n<p>        <!-- End ACF Financial Disclaimer --><\/p>\n<p>        <!-- \n\n<div class=\"single-social-share-bottom text-center\"> --><br \/>\n                    <!-- <\/div>\n\n --><\/p>\n<p>        <!-- Newsletter Signup Form --><\/p>\n<div class=\"newsletter-signup-wrapper-for-digioh\">\n<div class=\"col-xs-12 newsletter-wrap flex-row\">\n<div class=\"container flex-container\">\n<div class=\"col-xs-12 new-newsletter-form\">\n<p class=\"text-subheading\">Ready to stop worrying about money?<\/p>\n<p class=\"text-get-daily\">Get the SS Daily<\/p>\n<p class=\"email-privacy-policy-blurb-white\">\n<\/p><\/div>\n<\/div><\/div>\n<\/p><\/div>\n<p>        <!-- End Newsletter Signup Form --><\/p><\/div>\n<p><script type=\"text\/javascript\" id=\"wp-fcapi-js-before\">\n\/* <![CDATA[ *\/\n!function(f,b,e,v,n,t,s)\n{if(f.fbq)return;n=f.fbq=function(){n.callMethod?\nn.callMethod.apply(n,arguments):n.queue.push(arguments)};\nif(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';\nn.queue=[];t=b.createElement(e);t.async=!0;\nt.src=v;s=b.getElementsByTagName(e)[0];\ns.parentNode.insertBefore(t,s)}(window, document,'script',\n'https:\/\/connect.facebook.net\/en_US\/fbevents.js');\nfbq('init', '263664193816679');\n\/* ]]> *\/\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.thepennyhoarder.com\/retirement\/dear-SS Reader-i-started-getting-social-security-early-when-will-i-get-full-benefits\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dear Penny, I started receiving Social Security benefits early at age 62. Back then, full retirement age was 65. At what age will I not be penalized for additional income? \u2014 Early Retiree Dear Retiree, If you\u2019re still working while receiving Social Security benefits, your earnings can affect the amount you receive in benefits up<\/p>\n","protected":false},"author":1,"featured_media":6819,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[348],"tags":[98,567,752,899,898],"class_list":{"0":"post-6818","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-retirement","8":"tag-benefits","9":"tag-early","10":"tag-full","11":"tag-security","12":"tag-social"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/6818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6818"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/6818\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/6819"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}