How much will I be penalized at age 62 if I am collecting a retirement from a state program. I will collect $2,000 per month from PERS in the state of Nevada.

Q. How much will I be penalized at age 62 if I am collecting a retirement from a state program. I will collect $2,000 per month from PERS in the state of Nevada. I will be entitled to $300 from Social Security at age 62. What is the penalty?

A. The Social Security Act’s Windfall Elimination Provision reduces a Social Security benefit by about half of the first calculation bracket. The maximum Windfall reduction for a wage earner reaching age 62 in 2018 would be $447.50 per month if benefits began at full retirement age (i.e. half of the $895 first calculation bracket for 2018).