What if I get Social Security retirement benefit payments and work?

Posted by Anderson December 9, 2024
What if I get Social Security retirement benefit payments and work

You can work while receiving Social Security retirement benefits. Thus, doing both tasks at the same time is doable, but there are a few considerations. This is especially true if you have not yet achieved the Full Retirement Age (FRA). If you earn more than the SSA-set annual level, your benefits may be decreased.

Avoid exceeding the yearly earnings limit to prevent monthly assistance payments from being decreased. However, those retirees who begin receiving benefits in the month they reach standard retirement age will not have their payments decreased, regardless of the amount received.

What are the earnings limits Social Security has set?

Keep in mind that the Social Security Administration’s restrictions for 2024 are:

  • retirees under Full Retirement Age for the whole year: SSA deducts 1 dollar from your retirement benefit payment for every 2 dollars you get over the yearly limit.
  • this yearly limit is $22,320 in 2024
  • retirees that reach Full Retirement Age in 2024, SSA deducts 1 dollar in retirement benefits for every 3 dollars you get over a higher limit. Of course, SSA will only count earnings before your Full Retirement Age birthday.
  • this yearly limit is $59,520
What if I get Social Security retirement benefit payments and work?
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What if I start working when I reach Social Security’s FRA?

Retirees who start working at Full Retirement Age have no limitations. As a result, they will be able to receive monthly benefit payments while also having no wage limits or reductions.

Although some Americans believe the Full Retirement Age is 65, this is no longer the case. So you should use the Social Security Administration’s Retirement Age Calculator. Go to https://www.ssa.gov/benefits/retirement/planner/ageincrease.html.

To determine how much your monthly benefit payment will be decreased, use the Retirement Earnings Test Calculator. For those born in 1960 or after, the age is typically 67.

Visit: https://www.ssa.gov/OACT/COLA/RTeffect.html

Source: https://faq.ssa.gov/en-US/Topic/article/KA-01921

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