Still working & drawing social security...

by Anonymous

Do i have to quit my current job in order to start drawing my social security benefits at age 66?

I need to continue working for spouse's insurance benefits.

Wendy's reply: Heck no... if age 66 is your "full retirement age" with Social Security, you can collect FULL Social Security AND FULL wages while you remain employed.

At my employer, we have quite a few who are doing this... "double dipping" with Social Security and wages is a great way to add to your savings account while you still can!

If at all possible, bank all of your Social Security payments.. you'll need that extra cash later, and its an easy way to save for the future, now, while you've got a double income.

In addition, every year your benefit will be recalculated and increased as you earned more working... yeah!

However, others would say to wait for benefits, as they increase greatly by waiting -- big decision, and its all yours!

Best Wishes! Wendy

Here is the Social Security page if you'd like to read it or print it out....
Social Security and working at age 66

Look at: How much can you earn and still get benefits?

Comments for Still working & drawing social security...

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Working and SS
by: janette FL

My birthdate 06-1955, because of Covid I starting collecting SS 04-2020 2 months before my 65th birthdate.

I recently started working part-time well under the max amount out of necessity. This month 08-2021 will be my full retirement month of 66 years and 2 months, so when I can I start working perhaps full time and how much can I make again before my SS punishes me?

Hoping covid gets better sooner than later. Not sure why they had to make SS so hard for people to understand!

Wendy: Janette, read the comments above -- Call the SS # so they can answer your question looking at your account -- or download the brochure. Thanks!
FRA and FT employment and Mil Retiree
by: David / NC

I will reach FRA in Jan 2022. My DOB is 12011955. I work FT and make $60k/yr and get military retirement. I understand that, if I start to draw SS benefits, $1 for every $3 will be withdrawn but for what amount? I believe it is over $50k but don't know. If it is $50k, then I will lose $3k in benefits or about 12%. But, I think the level is higher now. Do I have a clear picture?

Wendy: Grab this SS pamphlet and you will have answers. Woking and Collecting Social Security! OR call Social Security: National 800 Number toll-free at 1-800-772-1213.
age 71
by: working

OK ,,I'm 71 years old and still working, I do draw social security. Social security does recalculate my SS every year. But here is the thing, it will take me 7 years to get that back what SS takes in one year.. I work because I have to,!. And so do a lot of other people.
Social Security / Work/ Taxes
by: T. Harris/Alabama

We will be working until middle of Next year While Collecting SOCIAL SECURITY. age 66.

IS this a mistake and I going to have to pay out EXTRA TAXES on my Social Security Paycheck?

Wendy: Anyone who works pays into Social Security and pays taxes. I don't have enough info here to answer anything else.

Call SS at 1 (800) 772-1213 and let them look at your actual record and then answer.
still working and drawing social security
by: Keith

I'm 68... still working and drawing social security each month.

Do I have to continue paying into social security out of my payroll check?

Wendy: Yes, you must have SS deductions taken from pay. However, every year Social Security will look at your high 35 years and IF your current income is higher than an old year, and it likely is, your benefit is recalculated.

Go for it -- still working keeps you mentally and physically healthy, and you are still increasing your benefit.

Social security
by: Nelson

The Republicans and Democrats could have already fixed Social Security by increasing payments by 1.5 % and the short fall would be gone for the next generation as well as for those already drawing payments. The news media is aware of this information but has failed at inform the general public just like the elected officals.
Social Security
by: Marguerite

I am currently working part-time and my employer is withholding social security out of each check.

I am also drawing early retirement social security.

Is my employer supposed to be withholding social security from me at this point in life?

WENDY: Yes you are still subject to Social Security withholdings -- but the good thing is, they will recalculate your SS payment annually, If it increases, and it should, you get higher payments for life.
What will the future hold?
by: Suze Ortoman

Many people have seen a decrease in their social security benefits check. Be careful when predicting just how much money Social Security is going to pay you in the future years. Just a bit of advice.

Wendy: Yes, larger increases in the Medicare premium equals a lesser Social Security check. A few years ago, my father would get his annual SS increase letter and whoop it up a bit.. "yeah! I got a raise!" Weeks later, the Medicare premium letter.. "Oh, there goes the raise (or most of it)!" Today, even worse, as they can experience a reduced check.

A few years down the road, when many Boomers are eligible.. who knows!? Future retiree benefits are downright frightening when so many need to depend on Social Security and yet there aren't enough of the next generation in our pay-as-you-go system. yikes!

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