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November 22, 2021
Working as long as possible is a great way to stay young and improve your retirement finances. And yes, you can get Social Security retirement benefits and work at the same time.
If you work and are over your full retirement age, you may keep all of your benefits, no matter how much you earn.
If you were born between January 2, 1943, and December 31, 1954, your full retirement age for retirement benefits is 66. Consult the table below to see the full retirement age for anyone younger.
According to the Social Security Administration’, if you are younger than or at full retirement age and earn more than certain amounts, your Social Security benefits will be reduced.
NOTE: It is important to note, though, that these benefit reductions are not truly lost. Your benefit will be increased at your full retirement age to account for benefits withheld due to earlier earnings.
If you are younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you are younger than full retirement age during all of 2021, the SSA deducts $1 from your benefits for each $2 you earned above $18,960.
If you reach full retirement age and start claiming, the SSA deducts $1 from your benefits for each $3 you earn above $50,520 until the month you reach full retirement age.
Two of the most important questions everyone needs to ask themselves are:
The answer will be complex. However, the NewRetirement Planner can help you make the best decision for you and your resources and values. This powerful but easy to use tool enables you to:
Try different scenarios and immediately see the impact on your future. See the impact of working longer. And, if you are collecting Social Security, see the potential penalties.
Just plug in your desired work income, when you plan to work, and when you plan to claim Social Security and see how it affects your overall retirement income.
Do it yourself retirement planning: easy, comprehensive, reliable
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