What if I get Social Security retirement benefit payments and work?

As a matter of fact, you can receive Social Security retirement benefits and work at the same time. Thus, doing both things simultaneously is possible, but you need to take a few things into account. Especially, if you have not reached the Full Retirement Age (FRA) yet. It could be the case that your benefits are reduced if you make more than the annual threshold SSA set.

Therefore, you should not exceed the yearly earnings limit to avoid having your monthly benefit payments reduced. But some retirees who start with the month they reach normal retirement age will not have their benefits reduced regardless of the amount they get.

What are the earnings limits Social Security has set?

Bear in mind that the Social Security Administration’s limits for 2024 are:

• retirees under Full Retirement Age for the whole year: SSA deducts 1 dollar from your retirement benefit payment for every 2 dollars you get over the yearly limit.
• this yearly limit is $22,320 in 2024
• retirees that reach Full Retirement Age in 2024, SSA deducts 1 dollar in retirement benefits for every 3 dollars you get over a higher limit. Of course, SSA will only count earnings before your Full Retirement Age birthday.
• this yearly limit is $59,520

What if I start working when I reach Social Security’s FRA?

Those retirees who start working when they reach Full Retirement Age, they have no limits. Hence, they can get monthly benefit payments and they will have no limits on their earnings and no reductions.

Some American citizens think that the Full Retirement Age is 65, but it was for several generations in the past, not anymore. So you should make use of the Retirement Age Calculator SSA has. Visit: https://www.ssa.gov/benefits/retirement/planner/ageincrease.html

Once you find it out, generally 67 if you were born in 1960 or later, take advantage of the Retirement Earnings Test Calculator and discover how much your monthly benefit payment will be reduced. Visit: https://www.ssa.gov/OACT/COLA/RTeffect.html

Source: https://faq.ssa.gov/en-US/Topic/article/KA-01921