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.
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.