If you find that your Social Security check is not going to be enough to fund your lifestyle as a senior citizen, what do you do? The logical course of action would be to continue working until you reach the point where it is simply not necessary anymore. One very common question that arises with regard to working and Social Security involves a potential reduction in Social Security benefits.

The age of full Social Security eligibility varies depending on the year of your birth. For those born in 1954 or earlier the age of full eligibility is 66.

It then goes up by two months per year until 1960 when the eligibility age becomes 67 years of age.

When you wait until your full retirement age arrives before applying for your Social Security benefit you can work while receiving your benefit without being subject to any reduction at all. There is no limit to the amount you can make while still retaining your full benefit.

However, it is possible to apply for your Social Security benefit when you are as young as 62, but your benefit will be less than it would be if you waited until you reached full retirement age.

If you go this route, you would indeed have to consider Social Security regulations regarding earning income while receiving an early benefit. Under this year’s guidelines, there is a limit of $17,640 that you can earn before your benefit will start being reduced if you accept your benefit before reaching full retirement age.

This reduction in Social Security benefits would be one dollar shaved off your benefit each month for every two dollars that you earn in excess of $17,640.