if I retire at 62 will I still be able to work part time?

A) Yes, you can work part-time even if you retire at age 62 and start receiving Social Security retirement benefits. However, there are some restrictions on how much you can earn without affecting your Social Security benefits.

If you are below full retirement age (FRA), which is between 66 and 67 depending on your year of birth, Social Security will deduct $1 from your benefits for every $2 you earn above the annual earnings limit. For 2023, the earnings limit is $18,960 per year ($1,580 per month).

In the year you reach FRA, Social Security will deduct $1 from your benefits for every $3 you earn above a higher earnings limit, which is $50,520 for 2023 ($4,210 per month).

Once you reach your FRA, there is no limit on the amount you can earn and it will not affect your Social Security benefits.

It’s important to note that while working part-time may not impact your Social Security benefits, it could have an impact on your overall retirement income and taxes. You may want to consider speaking with a financial advisor or tax professional to understand how part-time work may affect your specific situation.

According to Social Security Administration: You can work while you receive Social Security retirement (or survivors) benefits. When you do, it could mean a higher benefit for you in the future. Higher benefits can be important to you later in life and increase the future benefit amounts your family and your survivors could receive.

While you are working, your earnings will reduce your benefit amount only until you reach your full retirement age. After you reach full retirement age, SSA recalculate your benefit amount to leave out the months when we reduced or withheld benefits due to your excess earnings.

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