All About Working While Collecting Early Social Security Benefits - Yahoo!
It catches a lot of people by surprise, but if you claim your Social Security benefits before reaching your full retirement age (FRA) and continue to work, Social Security imposes an earnings limit which, if exceeded, will result in some of your benefits being taken away. The annual earnings limit for those collecting benefits before FRA is $19,560 in 2022, and earning more than that will result in a penalty of $1 for every $2 you are over the limit. That’s the rule up to the year you reach your full retirement age, when the earnings limit increases substantially – to $51,900 for 2022 (note: the article references last year’s FRA-year limit of $50,520). Point is, there are consequences to working while collecting early Social Security benefits and this Yahoo! article by Mark Hendricks provides details on how your benefits will be affected, including that you may, after reaching your FRA, be able to recover some (or even all) benefits lost due to exceeding the earnings limit. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public service to help Americans navigate the complexities of this program. Learn more about it here…