Q: Can I begin drawing Social Security at age 62 while still being on
the payroll?
A: Yes, you could. However, because you would be under full retirement age, your Social Security benefit would be reduced by $1 for every $2 you earn above the annual earnings limit, which is $14,160 in 2010. In the year in which you reached your full retirement age, the reduction would be $1 for every $3 you earn above a different limit ($37,680 in 2010). Because you were born in 1948, your full retirement age is 66. In the month in which you reached full retirement age, there wouldn’t be any reduction in your Social Security benefit.
