I will turn 62 next July. I will continue to work and receive earnings up to that date. Since my earnings for year to date will be over the maximum allowed should I wait until Jan of the following year to apply?

Hi,

Social Security has an alternate monthly earnings test that may enable you to receive payments for some months next year, regardless of how much you earn in the first part of the year. The monthly earnings limit in 2016 is $1310, but may be raised next year. You could be paid for any months next year in which you earn less than the monthly limit, no matter how much you earn in the months leading up to when you apply (https://www.ssa.gov/planners/retire/rule.html).

If you start drawing at age 62, your benefit amount will be permanently reduced by about 25% from the full retirement age rate. Depending on your circumstances, better filing options may be available to you. You might want to consider running the maximization software available on this website before deciding on when to apply.

Best, Jerry