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Will my SS benefits be affected once I return to work?

I turned 66 (my full retirement age) in February 2019 and started collecting SS that month after having applied for benefits about 3 weeks prior to my 66th birthday. I have not yet (as of July 29) earned any wages this year.

 

I will be starting a new full time job in August.

 

Will my SS benefits be impacted at all?

 

 

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Contributor

No it wont affect as you had reached to full retirement age and earnings no longer reduce your benefits, no matter how much you earn. So dont worry enjoy. 

Rest if hve any trouble let us know  

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Contributor

Just an update. I just spoke with a SS rep who told me that since I have already reached my full retirement age, there is no impact on my benefit no matter how much I make from a job I take at this point.

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Honored Social Butterfly


@Jay968 wrote:

Just an update. I just spoke with a SS rep who told me that since I have already reached my full retirement age, there is no impact on my benefit no matter how much I make from a job I take at this point.


That is right, Jay968, as long as you are at that FRA no $$ amount is deducted from your benefit regardless of how much you make.

 

AND since you will continue to work and pay into the system via your payroll taxes - your benefit will grow larger with time worked.

SSA - 2019 pamphlet - How Work Affects Your Benefits

 

The only place that it may make you pay some is IF you have to pay taxes on your Social Security benefit.

SSA - Paying Taxes on your social Security Benefit

but they aren't really "income taxes" in the traditional sense - you see, the amount of this tax, which you will calculate on your annual taxes, will be credited to the Social Security Trust Fund to help out all your fellow citizens.  Consider it a tax paid on your employers matched contribution - since they pay no tax on this part of your cost of employment.

 

There is also an IRMMA (income-related monthly adjustment amount) which deals with the amount which you pay for Medicare IF you make over $ 85,000 per year ($ 170,000 MFJ).

SSA 2019 Version - Medicare Premiums: Rules For Higher-Income Beneficiaries

 

Only you know the true figures and whether or not these things will affect you.  Just wanted to give you a heads up.

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Contributor

Thank you

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Silver Conversationalist

Working while getting SS benefits can result in some penalty (giving back money) if you're under your FRA. There are some special rules for the year in which you turn your FRA. After that, you're gold...no penalty.

 

See https://www.ssa.gov/planners/retire/whileworking.html

 

 

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Periodic Contributor

This is true. If you are under FRA you can face a penalty if you started your new job while receiving retirement benefits. You must be aware of the rules before applying.

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Contributor

OK so I turned 66 in February, started collecting SS that month, and will start working in August.

Since all my earnings will come after my FRA, am I ok?

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