Social Security is one of the more confusing areas of personal finance for people, and it can be challenging to determine how to handle the decision of claiming your benefits.
At What Age Can You Take Social Security?
If you decide to start receiving benefits early, they will be reduced by a small percentage for each month before your full retirement age you take them.
How are Benefits Calculated?
Social Security calculates benefits using two factors: 1) The amount you earned during your working career, and 2) The age you begin taking benefits.
How Much Can You Earn and Still Receive Benefits?
The moment you begin receiving Social Security retirement benefits, the Social Security Administration considers you retired.
Can I work and collect Social Security? Yes, but be careful not to exceed the annual limit that applies to your situation, or you will lose out on some of your benefits.
If you are under full retirement age and receiving Social Security retirement benefits, consider the annual income limits and whether or not you anticipate making more than the limit.