Social Security Benefits

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Would retiring at my set date, 67 yrs old, then continuing to work as health permits be a good idea? We can make as much as we wish each year if retired @ retirement date?

Thank You

Ask the Experts - Retirement - July 2023

MartyGAnswer

Level 4

Hi GeorgiaGurl60!!

Receiving Social Security at full retirement age does not at all mean that you can't work. If you want to work, I think it would be a very good idea to work. Countless studies point to the health benefits of being active (both mentally and physically).

By earning other income (besides social security) you will subject your social security benefits to taxation. Generally speaking, when your non-social security income is greater than $25k, a portion of it gets taxed. Depending on how much income you have, up to 85% of your Social Security Income is subject to tax.

But keep in mind, that your social security is not taken away. The more you work and earn while on Social Security, the more you will have, however you will share a little more of the extra with the government.

Here is an article from the SSA that may help:

https://faq.ssa.gov/en-us/Topic/article/KA-02471#:~:text=You%20must%20pay%20taxes%20on,income%E2%80%9D%20of%20more%20than%20%2432%2C000.

I hope that I've answered your question.

Marty

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