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  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...

  Social Security survivor benefits are a lifeline  ...for families who lose a loved one who worked and paid into the system. When a worker dies When a worker dies, their family members may be eligible for survivor benefits. These benefits can include a lump sum death benefit, as well as monthly survivor benefits for the family. The amount of the survivor benefits depends on the deceased worker’s Social Security earnings record. If the worker was covered by Social Security, the surviving spouse may be eligible for a one-time death benefit, as well as monthly survivor benefits. Surviving Spouse  If the surviving spouse is caring for the deceased worker’s child, they may also be eligible for additional benefits. For other family members, such as a parent or sibling, they may be eligible for a one-time death benefit, as well as monthly survivor benefits. The amount of the benefits depends on the deceased worker’s Social Security earnings record. In addition to the death bene...