Beginner’s Guide to Social Security and Working

Collecting Social Security and working is a combination many retirees have questions about. A common misconception that many potential collectors have is that the Social Security Administration (SSA) will not award them retirement benefits if they are still working. However, a resident may be eligible to receive Social Security (SS) and still keep his or her job. If a potential collector is working while on Social Security, he or she needs to make sure the SSA’s guidelines are followed closely.

If you are wondering, “Can I work and collect Social Security?” remember that there are certain criteria you must meet. Much of this depends on how old you are, how much you work and the amount of income you earn. As long as you are aware of these limits, you should be able to continue working and collecting Social Security with minimal problems.

Can you collect Social Security at 62 and still work?

It is important that you understand how work affects your Social Security benefits. This is especially true if you are 62 years of age and have not reached your full retirement age (FRA). Depending on when you were born, you could be eligible to collect SS retirement benefits when you are 66 or 67 years of age. You have the right to begin receiving benefits when you are 62 years of age. However, keep in mind that the total amount of benefits you could qualify to receive is reduced at this age. This is because you are claiming your retirement benefits early.

If you claim early retirement support, it is extremely important that you understand how working while collecting Social Security can affect your benefits amount. Each year, the SSA establishes an earning limit for enrollees. This means that you can only have a certain amount of income before your SS benefits are reduced. If you earn more than your limit before you reach your FRA, your Social Security office will withhold some of your benefits. For every $2 you earn over the income limit, $1 is deducted from your benefit payment.

Can you collect Social Security benefits at age 66 and still be working?

Just as you can be working while receiving Social Security when you are 62, you can also do this when you are 66. At this age, you are eligible to receive full financial benefits through the SSA. However, if you apply during your birth year but before you meet your FRA, your benefit amount may be reduced.