Working During Retirement Can Affect Your Social Security Benefits
You can file for partial Social Security benefits as soon as you reach 62. However, as SSA states, if you keep working until you reach full retirement age, your benefits may be reduced. As a result, SSA deducts $1 from your contributions for every $2 you make above the annual limit.
For the tax year 2022, that threshold is $19,560. To put it another way, if you want to keep working and still collect benefits, you can do both things as long as your annual income doesn’t exceed $19,560.
What about if you’re still working in the year you reach FRA? If that’s your case, SSA deducts $1 for every $3 you make that is over the annual limit of $51,960 (2022). After reaching FRA, anything you earn belongs to you, so your monthly benefits won’t be affected anymore.
Here’s some advice. As you’re getting closer to your retirement date, you should have a retirement plan running while also having control over your lifetime earnings. If you decide to keep working until your full retirement age, you should also consider making some contributions to an investment account like a 401(k) or traditional or Roth IRA. This will help you boost your nest egg.
However, not everyone can keep working after the age of 62, but it’s something to consider if you’re healthy enough to stay in the labor market longer.
8 Responses
I am a federal employee and will turn 65 in 2023. I am still working. Do I have to apply for SS or can I delay till I retire?
My wife and I are 74 and 81 respectively. Her SS benefit is $898 and mine is $2416. If I die first, what would be the best way for her to maximize her income?
i took SS at 62 . Will my wife’s benefit be reduced up to 30% if I die first?
Hi
Is there any bill in Congress to increase senior women’s income, as we still get paid lower than men!!
TY
if you were divorcedbut married for 10 years and now re married and die who gets s s benefits
I am 75 years old. I am a man. My Social Security is less than a 1,000 dollers a month.
I 66 don’t have a good retirement other SSA
Which I can live off
But I have training and experience
Can work in a lot of industries and remote to supplement my retirement which can be very helpful
Age of course is the problem
My husband died 7/18/22 he was 68 yrs old and worked his entire adult life I only collect $800 from his SS. I can’t believe that with my SS I get $772 I can only pay the mortgage. Is this low income SS.