I Took Social Security While I Was Still Working

Earnings Limit: If you are below your full retirement age (FRA) and you claim Social Security benefits, there is an earnings limit.

In 2024, the earnings limit is $19,560. If you earn more than this limit, Social Security will withhold $1 for every $2 you earn above it.

Repayment Option: If you decide to claim benefits early and later realize that you want to continue working and delay your benefits to receive a higher monthly amount, you have an option.

Within 12 months of initially claiming benefits, you can repay all the benefits you've received, and then your benefits will be recalculated based on your higher age when you claim.

Delayed Retirement Credits: If you continue to work past your FRA, you can earn delayed retirement credits. These credits increase your Social Security benefit for each year you delay claiming benefits until age 70.

Tax Implications: If your combined income (adjusted gross income + nontaxable interest + half of your Social Security benefits) exceeds certain thresholds

a portion of your Social Security benefits may be subject to federal income tax. Be aware of these tax implications when planning your finances.

Healthcare Benefits: If you are receiving Medicare, your premiums may be higher if your income exceeds certain limits.

Consult a Financial Advisor: Deciding when to claim Social Security benefits while working can be complex.

Consulting with a financial advisor or retirement planner can help you make informed decisions that align with your financial goals.

More Stories

Top 10 Bronzing Kits for Summer

Use the Fenty Shade Finder

This Year’s K-Beauty Trends