Is it possible to receive social security payments if I am working?
When they decide to retire, workers can claim Social Security benefits. Would it be possible to receive these checks and work at the same time?
The Social Security Administration (SSA) sends money to millions of people across the country every month.
Beneficiaries include retired workers, survivors, and those receiving disability payments, including Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI).
Workers must have contributed part of their earnings for many years to the Social Security program to receive their monthly payments when they retire, but can you continue working and still receive Social Security benefits?
Can you receive Social Security payments and work at the same time?
According to the SSA, you can get Social Security retirement or survivor benefits and work at the same time. However, there is a limit to how much money you can earn and still receive all the benefits, according to the agency.
The Social Security Administration annually reviews the records of all beneficiaries who have wages reported for the previous year. If your last earning year is one of your highest years, the benefit is recalculated and any corresponding increase is applied.
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If you are below full retirement age and earn more than the annual earnings limit, the SSA may reduce your benefit amount.
People who are under full retirement age for the entire year have $1 deducted from their benefit payments for every $2 they earn above the annual limit. For this 2024, that limit is $22,350.
On the year the beneficiary reaches full retirement age, $1 in benefits is deducted for every $3 earned above a different limit. In 2024, this limit on your earnings is $59,520. In this case, only earnings up to the month before full retirement age are counted, not earnings for the entire year.
Then, starting the month the beneficiary reaches full retirement age, their earnings will no longer reduce their benefits, no matter how much they earn. The SSA will recalculate the benefit amount to give you credit for the months in which benefits were reduced or withheld due to excess earnings.
For more details, visit the official SSA website.