Can I keep a job even after I start collecting Social Security benefits?

If you are approaching the age of retirement, or are collecting benefits from dependents and have some questions about still working while receiving these benefits, then there is a very simple answer to your questions. We’ll look at if it is permissible to work while receiving your Social Security benefits. This information is useful when planning your employment future or for when discussing your financial future with your financial consultant.

There is a very simple answer to this very common question. The short answer is – yes, you absolutely can. In fact, this is very common. If you are past the retirement age and chose to still work you are able to do so without forfeiting any Social Security benefits. There is no limit to the amount money you can earn when working past retirement either.

Now, on the contrary, if you seek to collect your Social Security benefits prior to the age of full retirement as determined by the Social Security Administration, then you will lose $1 of your benefits for every $2 that you earn during a set yearly period. This limit applies solely to any income that you earn while working. It does not count passive earnings from investments, pension plans or savings accounts. Even if you have a source of rental income, this will not count toward the penalty. These sources of income will not affect the amount of Social Security benefits you receive. Be sure to keep this in mind before attempting to claim Social Security before you have reached the age of full retirement.

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July 15, 2008 | Filed Under Retirement Planning, Social Security Benefits 

Comments

6 Responses to “Can I keep a job even after I start collecting Social Security benefits?”

  1. Ken Lamberson on February 2nd, 2009 11:12 pm

    If I retire early and start collecting benefits at say age 63 or 64 can I start to work after I reach full retirement age without paying a penalty?

  2. Karl Ullman on February 16th, 2009 11:51 am

    Maybe you can help me,ok take my benefits at 66 or 70

  3. ginger tieman on February 27th, 2009 2:55 am

    if i take my benefits around 6 months early,and keep on working ,how long do i have to pay a penalty ? how many years?

  4. ginger tieman on February 27th, 2009 3:01 am

    when you have apercentage of your benefits taken out and you have to pay because you made too much ; what happens to the money that left unused?

  5. ginger tieman on February 27th, 2009 3:03 am

    could someone send me an answer back to these questions? i sure would appreciate it.

  6. richard havel on February 27th, 2009 10:38 am

    why does the government tax ss benefits when you are still working they tax the working wage ..its almost a shame to keep working..ends donot always meet!

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