Some people wonder if they decide to keep working (even part-time) after collecting Social Security benefits, will it affect the payments they receive? While additional income is always welcome, the last thing you want is to take a job and suddenly receive less Social Security.
Those who start collecting Social Security after reaching full retirement age will not be affected. There’s no limit on the amount of income you can earn then. The problem begins for those who file early for Social Security benefits.
Once a certain income level is reached, Social Security benefits can be temporarily reduced. For those on Social Security who are age 65 or younger, the additional earnings limit is $1,850 per month or $18,960 a year. If you exceed that amount, your payment will be reduced $1 for every $2 earned above the limit.
Another factor to keep in mind is after you start receiving benefits, any income from working, IRA or 401(k) withdrawals, and investment dividends or interest may push your adjusted gross income to an amount that makes some of your Social Security benefits taxable.
Council of Seniors Needs Your Help to Get Congress To Act
More Social Security income can make a big difference in retirement. That’s why here at Council of Seniors we’re working tirelessly to get Congress to pass The SAVE Benefits Act. This legislation is necessary to make up for the Social Security cost of living adjustment (COLA) that was not adequately increased over a series of years. Once passed, eligible recipients will be reimbursed $581, money that’s been owed to them all along.
Please act right away to sign our petition. Your participation in this effort will be deeply appreciated.
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