You can get Social Security retirement or survivors benefits and work at the same time. The amount that your benefits are reduced, however, isn’t truly lost. Your benefit will increase at your full retirement age to account for benefits withheld due to earlier earnings.
What if I continue to work and collect Social Security?
As long as you continue to work, even if you are receiving benefits, you will continue to pay Social Security taxes on your earnings. If there is an increase, we will send you a letter telling you of your new benefit amount.
What happens if you work full time and draw Social Security?
What confuses people about this is that before you reach full retirement age, if you continue working while drawing SS, your benefits can be reduced if you earn over a certain limit.
Can you work and collect Social Security at the same time?
You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefit. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.
Can you still work full time at age 65 and collect Social Security?
Early retirement has a penalty for earned income, but once you reach full retirement age, you can collect Social Security and earn any amount of income. Full retirement age has changed from 65 to 66 or 67 for retirees in 2011.
Do you have to pay Social Security taxes if you work full time?
No matter your full retirement age and whether or not you are paying work penalties or not, if you are working, you will continue to pay Social Security taxes on your earnings. The good news here is that your additional earnings could potentially increase your Social Security benefit amount.
