Ask Terry Questions Social security while still working?

Social security while still working?

By Terry Savage on December 12, 2023 | Financial Planning / Retirement

Hi Terry,

I am thinking of requesting my ss while I am still working full time. Is there a restriction of how much I can make?

Terry Says

There is a tax on your benefits if you continue to work and take Social Security before your Full Retirement Age (near 70).
For 2024, you can earn up to $22,320 without having your Social Security benefits withheld. But beyond that point, you’ll have $1 in benefits withheld per $2 of earnings. The limit is much higher if you’ll be reaching FRA in 2024. In that case, you can earn up to $59,520 without having benefits impacted.

Definitely do not take SS early if you don’t need the income to survive. And, in fact, if you can hold off til age 70 (using other savings or retirement money) you’ll get an additional 8% per year in base check, and also the annual inflation adjustment. So definitely do wait as long as you can.
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