Q: I am 62 and my wife 55. My wife needs 10 more credits to meet the 40 credit minimum for benefits. I want to retire now.
I am afraid my benefits will be affected if she works. Thank you.
A: Your wife's earned income should have no effect on your early retirement benefits. Your payments are only affected if you work and earn more than the exempt amount, which ranges from $16,920-$44,880 in 2017 (see below)
Benefits Withheld When Earnings Exceed Exempt Amounts
We withhold $1 in benefits for every $2 of earnings in excess of the lower exempt amount. We withhold $1 in benefits for every $3 of earnings in excess of the higher exempt amount. Earnings in or after the month you reach NRA do not count toward the retirement test.
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