Can I Work and Collect Social Security

With a large percentage of Americans struggling to save for retirement, it’s clear that many of these individuals will need to work far past the full retirement age. And quite possibly in some capacity for the rest of their lives.

This harsh reality begs the question: Can I work and collect social security? Like most things, the answer to that question is complex and varies depending on your situation. Let’s find out.

What is Social Security?

Signed into law in 1935 as part of the New Deal, the original purpose of Social Security was as a retirement plan for workers aged 65 or older. The program allowed individuals to have continuing income after retirement, and for many, to have a retirement.

Social Security is one of the more confusing areas of personal finance for people, and it can be challenging to determine how to handle the decision of claiming your benefits.

How Does Social Security Work?

At What Age Can You Take Social Security?

For most, Social Security benefits will come in the form of income for retirement. For those not on disability, you can begin drawing Social Security benefits at age 62 at the earliest (age 60 if a widow or widower).

Social Security calculates benefits using two factors:  1) The amount you earned during your working career, and 2) The age you begin taking benefits.

How are Benefits Calculated?

Can I Work and Collect Social Security?

The simple answer is yes, but the complex answer is yes with a caveat. While it is possible to work and collect Social Security, the amount you can earn and the impact on your benefits depends on several factors.

Swipe Up

for more finance, business, and real estate advice

Read More

Should You Plan on Working Past Retirement?

Adding Tax Diversification to Your Retirement Portfolio