How Much Can I Earn While Collecting Social Security is a question I get asked all the time!

If you’re retired and between age 62 and your Full Retirement age, you will end up having to pay back your Social Security Benefits if you make over $21,240 in 2023.

*** How much do you have to pay back?

*** What income counts towards this amount?

*** Will it affect my spousal benefit or my benefit from an ex-spouse?

In this video, I break it all down for you!

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As retirement age approaches, many people may wonder about their options for supplementing their Social Security benefits by continuing to work. The good news is that it is possible to work and collect Social Security benefits, but there are some limits on how much you can earn.

First of all, it’s important to understand what Social Security benefits are and how they work. Social Security is a government program that provides retirement benefits based on your earnings history over your working years. The amount of your benefit payment is determined by your highest 35 years of earnings and the age at which you choose to start receiving benefits.

If you choose to start receiving benefits before your full retirement age (which is currently 66 or 67, depending on when you were born), your benefit payments will be reduced. On the other hand, if you delay starting benefits beyond your full retirement age, your benefit payments will be increased.

If you continue to work while collecting Social Security benefits, you need to be aware of the earnings limit. For the year 2021, the earnings limit is $18,960 per year for people who have not yet reached full retirement age. This means that if you earn more than $18,960 in a year, your Social Security benefits will be reduced by $1 for every $2 you earn above that limit.

If you reach full retirement age in 2021, the earnings limit is higher – $50,520 per year – but the reduction in benefits is less severe. For every $3 you earn above the limit, your benefits will be reduced by $1, until the month you reach full retirement age.

It’s worth noting that these rules apply only to earned income – that is, income from wages or self-employment. Other sources of income, such as investment income or pensions, do not affect your Social Security benefits.

So, what should you do if you want to work and collect Social Security benefits at the same time? The answer depends on your individual situation. If you are still several years away from full retirement age and plan to continue working full-time, it may make sense to delay starting your Social Security benefits until you stop working.

On the other hand, if you are close to full retirement age and plan to work part-time or take a lower-paying job, it may be advantageous to start collecting benefits even if they will be reduced slightly due to your earnings.

Ultimately, the decision to work while collecting Social Security benefits depends on your personal preferences and financial situation. With careful planning and a clear understanding of the rules, it is possible to strike a balance that allows you to enjoy both work and retirement income.