Ask Larry

Is It False That You Can Collect Your Benefits Even If You Are Still Working?

I am 63 and requested my retirement. I was approved. Then there was a statement:
"Your payments are suspended because our records indicate that you were or are currently working."

I was under the impression you could receive your benefits even if you are still working. Is this a false statement?

Hi. That depends on how much you're earning. You must be at least full retirement age (FRA) to be able to earn an unlimited amount and still be able to collect Social Security benefits. Since you are under FRA, Social Security would need to withhold $1 of your benefits for each $2 that you earn in excess of $18,240 this year. And, in 2022, Social Security would need to withhold $1 of your benefits for each $2 that you earn in excess of $19,560.

It sounds like you may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to fully analyze the options available to you in order to determine your best strategy for maximizing your benefits. If you've only recently applied for benefits, you should still be able to withdraw your claim and reapply for benefits at a later if it's more advantageous.

Best, Jerry

Category: 
Posted: 
Dec 5 2021 - 1:20pm
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