Working During Retirement Can Diminish Your Social Security Contributions
You can apply for partial Social Security benefits at 62. But, as the Social Security Administration states, if you choose to keep working until your full retirement age, they may reduce your payouts. So, you’ll pay $1 less for every $2 you earn above the annual limit.
For 2022, that limit is $19,560. In other words, if you want to work and still collect benefits, you can do that as long as your annual income is no more than $19,560.
What if you keep working in the year you reach full retirement age? If this is your case, SSA withholds $1 for every $3 you earned above the annual limit, which is $51,960 in 2022. After the year you reach full retirement age, anything you earn belongs to you and your monthly benefits won’t be reduced this way.
Here’s some advice. As you approach your retirement date, you should have control over your lifetime earnings and your money-saving ability. If you keep working until full retirement age, you can also make some contributions to a tax-deferred savings plan like 401(k) or traditional or Roth IRA. This will help you to put away more money for retirement.
Obviously, not everyone can keep working after reaching 62, but it’s something to think about if you’re healthy to stay in the labor market.
7 thoughts on “Social Security: 7 Things Every Woman Should Know About”
Why do teacher who have retired under California social security rules don’t qualify for social security benefit’s?
i AM 90 YRS OLD, FEMALE
i START DRAWING MY S.S. AT 62 YRS . mY HUSBAND ID STILL LIVING AND 90YRS OLD. cAN i DRAW 1/3 OR 1/2 OF HIS SS
I am a widow I made more than my husband so I had to retire under my earnings, Is there anyway of any other ss for me since he passed six years ago? I am almost 73/
My husband passed in 2017. He would be 65 June 2023. I am his wife. I will be 60 Nov. 11 2022. Can I start collect his ssa in 2023 when he is 65?
You can file for survivors benefits at age 60. You don’t have to wait. I was going to begin drawing ss and keep working at 62. They came back to me and offered survivors benefits which were more than mine. My husband died at 55 in 2015. I could have been collecting for the last 2 years had I known. File for it baby!
I worked for Social Security for 37 1/2 years and retired in 2006. You can begin collecting widow’s benefits at age 60 if you are not working and earning more than the allowable limit. Check with your Social Security office – depending upon how much you and your husband each earned, you may want to switch from the widow’s rate to your own Social Security rate when you reach full retirement age or when you reach age 70.
I was married for 24 years and now divorced and
never remarried. Can I get social security from my ex husband. ? I collect STRS but never paid into social security.