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Money Talks News: 13 Ways to Get More Social Security

8. Taking Early Retirement? Beware of Outside Income

If you start taking benefits before reaching your full retirement age, employment elsewhere can reduce your Social Security checks.

For example, say you started taking Social Security in 2012 at age 62 and your full retirement age is 66. For 2012, your benefit would be reduced by $1 for every $2 you earned in gross wages or net self-employment income above $14,640.

If 2012 was the year you reached full retirement age, you could have earned up to $38,880 prior to the month you turned 66. More than that and your benefit would be reduced by $1 for every $3 you earned.

After you reach full retirement age, you get your full benefit no matter how much you earn.

(iStock)

More from Money Talks News:
10 Social Security Myths Exposed
8 Surprising Truths About Retirement
10 Money Mistakes That Can Ruin a Marriage



The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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