I am planning on taking my social security benefit in August of this year, I will turn 65. I am currently working part time. My social security benefit is estimated at around 1,403 a month. My earnings for last year were 22,645.08. Will I be penalized for working and claiming benefits before full retirement age? I can't afford to lose income , my social security will be my only income. I am married and my husband works. Also, how long does it take to get benefits once you apply? I read that you can make up to 16,940.00 before you are penalized.