Maximizing Your Income: Working While Collecting Social Security
Financial Planning: Working While Collecting Social Security If you're earning income from a job while collecting Social Security, your earnings will face the retirement earnings test, constraining your job income. This measure restricts your potential earnings while ensuring continued Social Security benefits. Understanding these regulations is crucial for financial planning. What You Need to Know: Collecting Social Security When Under Full Retirement Age Depending on your age, Social Security will withhold part or all of your benefits if your wages exceed a certain amount. For those under full retirement age (FRA - currently between 66 and 67), Social Security temporarily withholds by reducing $1 of benefits for each $2 earned over the annual limit. For those between full retirement age and age 69, Social Security will reduce $1 of benefits for each $3 earned over a higher limit. Full Retirement Age (FRA) rule: no longer applies if you’re 70 Once you reach age 70, t...