Collecting Social Security While Working? There’s Much to Know
Keith Speights notes most people are familiar with Social Security, but not to the extent they should be. When it comes to collecting benefits and working, many do not understand the complexities. People will forgo some income if they cross the maximum earning allowed ($22,320 in 2024) between age 62 and 67. Only wages count, not interest or dividend income or pension proceeds. People may earn any amount they want after reaching full retirement age (now 67 if born 1960 or later). But the money withheld is not lost forever. Benefits do get recalculated and often wages earned by those in their 60s can replace a lower earning year earlier in their careers, thus yielding a higher monthly benefit later on in one’s 60s. Read the full article here.