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Can I Work and Still Collect Social Security?
A Question that I am always Asked...
Written by: John T. Davis CFF
Yes, but it is always best to work and collect Social Security Benefits once you have obtained your Full Retirement Age (FRA).
You can collect Social Security and keep 100% of your monthly benefits if you are at Full Retirement Age (FRA).
However, Social Security has an earnings limit on how much you can earn in W-2 wages when you are under your (FRA) Full Retirement Age.
Here’s how it works:
If you were born on January 2, 1960, or later, your Full Retirement Age (FRA) for retirement insurance benefits is 67.
Here are the Social Security wage earnings limits for 2024:
1. Younger than Full Retirement Age (FRA) during all of 2024:
o For every $2 you earn above $22,320, $1 will be deducted from your benefits.
o Example: If you earn $24,920 in 2024 ($2,600 above the limit), $1,300 of your Social Security benefits will be withheld.
2. Reaching FRA in 2024:
o Until the month you reach full retirement age, for every $3 you earn above $59,520, $1 will be deducted from your benefits.
o Example: If you expect to earn $63,000 from January through October 2024, $1,160 will be withheld ($1 for every $3 above the limit).
3. After Reaching FRA the limits are removed, and you get to keep 100% of what you earn.
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