What are the Rules Regarding Working While Collecting Social Security?
This is a very commonly asked question; social security has a lot of layers, and there is a lot that goes into it. That being said, the information in this blog/video is not individual advice but rather a general guideline. If you have specific questions about your social security, we recommend sitting down and talking to somebody about your specific situation.
Collecting Social Security Early
If you are collecting social security before you are of retirement age, then they can reduce your benefit based on the amount that you earn.
If you earn $18,960 or less a year, your social security benefits will not be affected. However, if you earn more than that limit, then for every two dollars you earn over the limit, they will take one dollar from your benefits.
Collecting Social Security After Retirement Age
The year you reach full retirement age, you can earn a little bit more.
After full retirement age, you can earn income and receive Social Security without reducing your benefit. It can cause your Social Security to be taxed, but that's a different conversation.
Learn More About Working and Social Security
If you are interested in learning more about how collecting social security while working can affect your benefits or about your social security situation in general, our team is here to help!