Can I Start Drawing Benefits 4 Months Before Turning Age 66 and continue to work? Or should I wait till the month I turn 66 to collect benefits? How will one or the other affect how much I can earn from work?

Hi,

I can't advise you whether or not you should wait until age 66, but assuming that's your full retirement age (FRA) you could start drawing 4 months before then depending on your earnings in those months. If you turn 66 in 2018 for example, you could be paid for the months leading up to then provided that you either earn a total of less than $45,360 in the months before the month you turn 66, or if you earn less than $3,780 in each of the months for which you claim payment. And, starting with the month that you turn 66 you could be paid regardless of how much you earn.

However, you should be aware that starting your benefits 4 months prior to FRA would lower your benefit rate by roughly 2.22%. Before filing, you should strongly consider using the maximization software available on this website to compare your options and determine your best filing strategy. You may have better filing options available to you that you haven't yet considered.

Best, Jerry