Early Retirement Work Rules In Nassau
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You can receive Social Security retirement benefits as early as age 62. However, we'll reduce your benefit if you start receiving benefits before your full retirement age. For example, if you turn age 62 in 2025, your benefit would be about 30% lower than it would be at your full retirement age of 67.
As to how many hours you can work and still collect Social Security, this will obviously depend on your hourly wage. For example, if you earn $20 per hour, you can work 1,170 hours per year before your Social Security benefits are reduced, assuming you haven't yet reached full retirement age.
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If you have at least five years of Credited Service your pension vests automatically, which means you can collect a Vested Retirement Benefit at age 63. If you have less than 10 years of Credited Service, you may request a refund of your contributions, plus 5% compounded interest.
The Social Security earnings limit is $1,860 per month or $22,320 per year in 2024 for someone who has not reached full retirement age. If you earn more than this amount, you can expect to have $1 withheld from your Social Security benefit for every $2 earned above the limit.
The Benefit If you retire with 20 or more years of service credit, your retirement benefit will be 2 percent of your Final Average Salary (FAS) for each year of service credit. With less than 20 years of service credit, your benefit will be 1.66 percent of your FAS for each year of service credit.
With 20 years of creditable service, you will receive a retirement benefit of 50 percent of your Final Average Salary (FAS).
For the full retirement benefit, you must be 62 years old at retirement or, if you have 30 years of credited service, you may retire as early as age 55. With less than 30 years of service, you may retire as early as age 55, but you will receive a reduced benefit.
