Four Things You Need To Know About Social Security When to Start? One of the most common questions about Social Security is when to start receiving benefits. The earliest age to begin is 62, although there are significant trade-offs when doing so. First, your benefits will be permanently reduced by 25.8% from those payable at Full Retirement Age (FRA) over the course of your lifetime. Second, your benefits will be reduced if you earn more than $18,960 a year. The reduction will be $1 for every $2 you earn over that limit. The limit rises every year, but by a modest amount. For those considering part-time work during retirement, this may not be a problem, but for folks planning to continue full-time employment, this reduction could wipe out the benefits they would receive. For those who wait until FRA, there is no limit on earned income and no penalty. Full retirement age is now 66 years and two months. It increases by two months every year. To get the highes
Investment and economic observations by N. Russell Wayne, CFP, MBA. Mr. Wayne is the president of Sound Asset Managment, inc. and former Managing Editor of The Value Line Investment Survey.