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You can get Social Security retirement benefits and work at the same time.

If you are younger than full retirement age and make more than the yearly earnings limit, Social Security will reduce your benefit. 

If you claim Social Security before Full Retirement Age the limit on earned income is $21,240 in 2023


If you are collecting Social Security retirement benefits before full retirement age, your benefits are reduced by $1 for every $2 you earn over the limit. 

If you work and are full retirement age or older, there is no limit on the amount of money you may earn and still receive your full Social Security retirement benefit.

Taking Social Security early

Beginning to receive Social Security benefits at age 62 decreases the amount you receive by 30%. The reduction for starting benefits at age 63 is about 25%; 64 is about 20%; 65 is about 13.3%; and 66 is about 6.7%.

The amount you can earn while receiving Social Security depends on your age. Your earnings in (and after) the month you reach full retirement age will not affect your Social Security benefits. However, your benefit is reduced if your earnings exceed certain limits for the months before you reach your full retirement age.   

Full retirement age

In 2023, the full retirement age is 67 years old for people attaining age 62 in 2023. 

The absolute earliest you can start claiming Social Security retirement benefits is 62. You can apply at age 61 and 9 months.  

If you are already receiving your retirement benefits, a special higher earnings limit applies in the calendar year you turn your full retirement age. 
 

If you claim Social Security benefits during the year in which you will reach Full Retirement Age the earnings limit is $56,520.  Once you reach Full Retirement Age, there is no earnings limit.


If you earn more than the limit, your benefits are reduced $1 for every $3 earned over the limit in the months leading up to your Full Retirement Age.   

The same earnings limits apply to a spouse or child who works and receives benefits on your record. 

You should report earnings to the SSA for any months and years prior to full retirement age.

Be sure to contact your tax planning professional or Social Security with questions.

Source:  SSA.gov