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Table of Contents Expand. Working During "Retirement". How Social Security Credits Work. What Is Full Retirement Age? Social Security Income Limits. How Does Social Security Know?
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Why Merrill Edge. General Investing Online Brokerage Account. Life events. Life priorities. Investor education. Tools and calculators. Contact us. Open an account with Merrill. Helpful resources. Answered by. Yes, you can collect Social Security benefits and work in retirement at the same time. But if you're working and collecting benefits before you've reached full retirement age — which is between ages 66 and 67, depending on the year of your birth — your monthly benefits may be subject to a reduction if your income exceeds a prescribed limit.
However, when you reach full retirement age, your benefit will be adjusted to give you credit for the withholding that took place due to excess earnings. For more, see the Social Security Administration page on the subject. After you reach full retirement age, your benefits also will no longer be subject to any reduction while you're employed, and there is no limit on how much you can earn. Keep in mind that the amount by which your Social Security benefit is reduced depends on the type of earnings you have.
If you're self-employed, the government counts only your net earnings from that work. If you work for an employer, only your wages are included in Social Security calculations. Pensions, annuities, investment income and other government benefits do not count as earnings while you work in retirement. Working while collecting Social Security can affect your taxable income.
There are strategies that can help you minimize taxes on your Social Security benefits , although, these too can change based on your age. Your adjusted gross income. Suppose you will reach full retirement age in That applies until the date you hit FRA: past that, there is no benefit reduction, no matter much you earn. In fact, Social Security increases your monthly benefit at that point so that over time you recoup benefits you lost to the prior withholding. Find the answers to the most common Social Security questions such as when to claim, how to maximize your retirement benefits and more.
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