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Can I Collect Social Security While I’m Still Working?

The short answer is, ”yes!”, but if you’re looking for the right advice, we’d recommend you to wait. Collecting social security while you’re still working isn’t a good option if you want to maximize your benefits.

How it Works

If a person meets the SSA’s eligibility requirements for Social Security, they can start acquiring Social Security as soon as they reach age 62 without having to quit working. If, however, you haven’t reached your full retirement age, you may encounter the following situations:

  • If you start collecting social security benefits early, your benefits may be permanently reduced.
  • When you earn more than a certain amount, your benefits are reduced temporarily. However, it only depends on your earned income. Income from other sources like your personal investments or pension doesn’t affect your social security.

On the contrary, a person who doesn’t collect their Social Security benefits before reaching their full retirement age (according to their birth year) gets their full benefit amount, whether they work or not. Their benefit amount doesn’t depend upon the amount of money they earn.

If a person waits even after reaching their full retirement age, they can prevent themselves from getting penalized, and their benefits will also increase by 8% with every passing year. This increase stops when you reach age 70.

Pros of Acquiring Social Security While You Still Work

Can I Collect Social Security While I'm Still Working?

If a person works a low-paying job, acquiring social security benefits alongside their monthly wages can help them cover their expenses, even after the deductions.

If a person continues to work at their full retirement age, they may get full retirement benefits along with their salary, which can help them manage their finances effectively.

Cons of Acquiring Social Security While You Still Work

If a person starts acquiring social security while they still work (before they reach their full retirement age) the SSA may reduce their social security payments.

Plus, if your income is too high, the SSA may hold back a portion of your social security until you turn 66 or 67, based on when you were born.

On top of that, if you receive social security payments as well as your work income, you’ll have to pay high taxes.

Hire a Social Security Lawyer in Little Rock, AR

SSI application approval concept

If you’re looking for a reliable social security lawyer in Little Rock, AR, reach out to the Law Offices of Lisa Douglas, Inc.

I provide legal services related to personal injury, family law, social security, medical malpractice, and others. Visit my website to learn more.

Get in touch with me to learn more.

Disclaimer: This blog is only intended for educational purposes and shouldn’t be used as a substitute for legal advice.



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