Indeed, you can receive Social Security retirement benefits while working. Thus, it is possible to do both things at the same time, but there are a few considerations.
Especially if you have not yet reached full retirement age (FRA). If your earnings exceed the annual threshold set by the Social Security Administration, your benefits may be reduced.
To avoid having your monthly benefit payments reduced, do not exceed the annual earnings limit. However, some retirees whose benefits begin the month they reach normal retirement age will not have their benefits reduced, regardless of the amount received.
What are the earnings limits Social Security has set?
Keep in mind that the Social Security Administration’s limits 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 start working when I reach Social Security’s FRA?
Those retirees who begin working when they reach Full Retirement Age have no restrictions. As a result, they will be able to receive monthly benefit payments while also having no earnings limits or reductions.
Some Americans believe that the Full Retirement Age is 65, but this was true for several generations ago and is no longer the case. So you should use the Social Security Administration’s Retirement Age Calculator. Visit: https://www.ssa.gov/benefits/retirement/planner/ageincrease.html
Once you’ve determined your age, which is generally 67 if you were born in 1960 or later, use the Retirement Earnings Test Calculator to see how much your monthly benefit payment will be reduced. Visit: https://www.ssa.gov/OACT/COLA/RTeffect.html
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