Ask Larry

What Happens If I Get A High-Paying Job?

Hi Larry!
Nearly, two years ago, I started to collect Social Security benefits due to an extended unemployment period and some, at the time, worrisome health-related issues. I was 62 at the time and now I am almost 64 and I am soon to be offered the job of a lifetime with a six-figure income. What happens now?
Thanks, in advance, for your time and consideration!
Best Regards!
LEE

Hi Lee,

The earnings test (https://www.ssa.gov/planners/retire/whileworking2.html) will likely result in suspension of your benefits until you reach full retirement age. Depending on the timing involved, you may have to pay back some of the benefits you've already received. Be sure to notify Social Security as soon as you know that you have the job.

Best, Jerry

Category: 
Posted: 
May 11 2017 - 9:00am
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