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Will I be able to start now, and work three more months full time

I am going to take early retirement at 62. My 62nd birthday was this past august 22, 2012. I have agreed to work at my job till the end of 2012, about 3 more months. The company is transitioning to a technology that will replace most of my work. At that time I will work part time as needed. A few hours a week.
Can I take my social security now without any kind of penalty and continue to work the 3 months?
I understand I can only make a certain amount each year before I will to loose any SS monies. Is the amount I can earn based on a monthly amount or a year of total wages?


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Common Mistakes About Social Security

A recent poll found about half of respondents made mistakes on the following :

1. Retirement benefits will not be reduced if I claim at age 65 => FALSE. Full retirement age is rising.

2. A spouse can receive Social Security even if they have no earnings history => TRUE

3. If my spouse dies, that will have no effect on my Social Security payment => FALSE

4. Social Security benefits depend only on my earnings history, not when I claim => FALSE

Four Common Social Security Claiming Mistakes

1. Not knowing your full retirement age (FRA). 'Full benefit' retirement age is rising beyond age 65 to age 67.

2. Not knowing you can file for benefits three months in advance of receiving income

3. Forgetting Social Security benefits can be subject to income tax.

4. Thinking early filers can later receive 'full benefits'. If filing early, your benefits are permanently reduced.

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Not affiliated with the US Social Security Administration