Full Retirement for SS Penalty or Not

[Timbogates]

I will be at Full SS Retirement Age in Oct 2023. I am still working Full time can I take the Oct. 2023 check and keep working full time? At the time of the Full Amount Date I would have made 78,000 dollars. Is there a penalty involved if you wait to Full Retirement Age and draw the check then continue working? Is there a penalty? If yes, how do we make this work the best while I am gainfullly employed full time? I want to start the draw at the Full Retirement Age point and keep the full time job if not penalized heavily. Thanks for the feedback

 

[Harry Le Hermit]

I will be at Full SS Retirement Age in Oct 2023. I am still working Full time can I take the Oct. 2023 check and keep working full time? At the time of the Full Amount Date I would have made 78,000 dollars. Is there a penalty involved if you wait to Full Retirement Age and draw the check then continue working? Is there a penalty? If yes, how do we make this work the best while I am gainfullly employed full time? I want to start the draw at the Full Retirement Age point and keep the full time job if not penalized heavily. Thanks for the feedback

https://www.ssa.gov/benefits/retire...u are under full,earn above a different limit.

• Beginning with the month you reach full retirement age, your earnings no longer reduce your benefits, no matter how much you earn.

 

[Blessed]

Call Social Security for the latest rules. Have them mail you the information or where you can find it on the internet to print it out as of your date of retirement. Keep in mind this can also determine the tax rate you would report from SS and your job. There are many things to consider. I would have all this information in print and saved for any future problems. Some of us may have started SS 20 to 30 years ago, laws change and you need to know what applies to you and your current job, income etc..

 

[Alligatorob]

I waited to start drawing when I turned 70, last month. I am getting more now than I would have had I started at age 65 or whatever the full retirement age was

can’t say that’s the best decision for everyone. But it is something to think about, particularly if you’re still working and can live without the Social Security payments.

once you reach full retirement age, I believe you can continue to work without penalty. Even if you collect Social Security. But it is complicated, you might try calling or going and talking to someone at the Social Security office. That has worked better for me than I expected it to.

Best of luck!