Podcast Episode 460: I’m 62, Can I Work While Collecting Social Security?
Prefer to watch? Click here to watch and listen on YouTube.
While you can collect Social Security at age 62 and continue working, the real question is whether you should. Depending on your age and how much you earn, your benefits may be temporarily reduced.
In this episode of Money Wisdom, Nicholas J. Colantuono, CFP® and Eric Hogarth, CFP® explain how working while collecting benefits can impact your long-term retirement strategy.
How Working Affects Your Social Security Benefits
You can trigger Social Security as early as 62, but it may affect your lifetime benefit and retirement income. If you claim before your full retirement age and you’re still earning income, the Social Security Administration may temporarily reduce your benefit.
For 2026, if you earn above $24,480, Social Security will withhold $1 in benefits for every $2 over that limit. Once you reach full retirement age, however, you can work and earn as much as you want without reducing your benefit.
Need help making the right Social Security decisions? Get your free Social Security Simplified guide by texting “SOCIAL” to 800-757-0436.
Social Security as One Piece of the Puzzle
Every year you wait to take Social Security, your monthly benefit grows. However, you must also factor your life expectancy, monthly expenses, and overall income plan into your claiming decision.
Ultimately, Social Security is just one piece of a solid retirement income strategy. This benefit was never designed to be 100% of your income. That’s why it’s important to have a plan for where your money will come from throughout retirement.
Building a Retirement Income Plan
Retirement income typically comes from Social Security, possibly a pension, and your savings. Whether you work because you want to or because you have to depends on whether you have enough money to retire. Knowing that answer starts with understanding what retirement will actually cost.
If you’re still working and have not reached full retirement age, you may not need Social Security yet. If your income covers your expenses, you can probably wait to claim it. If you do need additional income, Social Security is often the most straightforward source to tap. But keep in mind the possible penalties that can apply.
Information presented here is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
The guarantees provided by any type of insurance contract are based on the claims-paying ability of the insurance company.
Related Resources
-
Podcast Episode 473: Why 77% of Americans Aren’t Saving Enough for Retirement
Prefer to watch? Click here to watch and listen on YouTube. Roughly 77% of Americans surveyed say debt is preventing them from saving adequately for retirement. This is a strong reminder that s… -
Podcast Episode 472: 3 Year-End Charitable Giving Strategies
Prefer to watch? Click here to watch and listen on YouTube. Supporting causes close to your heart and reducing your tax burden don’t have to be mutually exclusive. In fact, with the right strat… -
Podcast Episode 471: What Is Your Social Security Break-Even Point?
Prefer to watch? Click here to watch and listen on YouTube. For many retirees, Social Security is their largest source of guaranteed lifetime income. Yet most are unsure of when to claim their … -
Podcast Episode 470: Retiring at 65? You May Need $185,500 for Healthcare Costs
Prefer to watch? Click here to watch and listen on YouTube. A 65-year-old who retires in 2026 can expect to spend about $185,500 on healthcare and medical expenses throughout retirement. This i… -
I’m Turning 65, Why Do I Need to Stop My HSA Contributions?
If you’re nearing your mid-60s and actively contribute to a health savings account (HSA), you’ve likely used it to cover qualified medical costs. However, as you get closer to enrolling in Medicar… -
Podcast Episode 469: Are Annuities a Good Investment?
Prefer to watch? Click here to watch and listen on YouTube. As more people approach retirement, they’re looking for ways to reduce risk while still maintaining some opportunity for growth. That… -
How Can I Enjoy My Retirement Savings Without Fear of Overspending?
The fear of running out of money keeps many retirees from truly enjoying their hard-earned savings without worry. After decades of nurturing your nest egg, the thought of seeing your progress slip… -
Podcast Episode 468: Are You Prepared for the Great Wealth Transfer?
Prefer to watch? Click here to watch and listen on YouTube. An estimated $105 trillion in assets will pass down from Baby Boomers and the Silent Generation to heirs through 2048. But transferri… -
Do I Need Life Insurance in Retirement?
Around 52% of Americans own some type of life insurance policy. But once you retire, some of your biggest financial obligations may be behind you. When you reach this point, you may wonder whether… -
How Will Social Security Be Funded in the Future?
Without congressional action, current projections indicate Social Security will pay only 78% of benefits starting in late 2032. This funding gap highlights our growing disparity between workers pa…
-
Richard S.Richard S. is a client of Johnson Brunetti and received no compensation for his statement.
“We have been extremely happy with our advisor and the services offered. We previously had accounts with another advisor. We had no issues, but chose to consolidate everything with Johnson Brunetti. We made a great decision with that.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey results.
-
John & Laura U.John & Laura U. are clients of Johnson Brunetti and received no compensation for their statement.
-
Joe D.Joe D. is a client of Johnson Brunetti and received no compensation for his statement.
“Your model is working well, continue to keep your focus on your clients. The podcasts are an effective way of communicating information and real life stories. Your business is supporting your clients’ many different real life stories.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey results.
-
Jackie L.Jackie L. is a client of Johnson Brunetti and received no compensation for her statement.
“I love how everyone in the company makes us feel. Like we are one big happy family. I wouldn’t change anything!”
Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey results.
-
Donald & Donna K.Donald & Donna K. are clients of Johnson Brunetti and received no compensation for their statement.
“It’s been one of the best things my wife and I have ever done. The clarity, support, and professionalism have made a real difference for us.”
Testimonials received in response to Johnson Brunetti survey conducted in 2024 and in 2026. Please click each respective year for a description of the respective survey and a summary of the survey results.
-
Annette L.Annette L. is a client of Johnson Brunetti and received no compensation for her statement.
