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Collecting Social Security and working before your full retirement age.
If you start Social Security benefits before your full retirement age but continue to work, Social Security limits the amount you can earn before they assess a penalty against your benefits. Exceeding that annual earnings limit means that they will withhold from your benefits $1 for every $2 you earn over the limit (except in the year you reach your full retirement age). Once you reach your full retirement age you can earn as much as you wish without penalty, and they will recalculate your payment amount to give your credit for the time they withheld your benefits. Though it may seem complicated, this article by Tom Margenau appearing at tucson.com website, explains how to avoid most of the complications. Click here to read more.