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Can I Work and Receive Social Security

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I get a lot of questions surrounding Social Security benefits as you can imagine.  One of the more common ones is, “Can I keep working and get money from Social Security?” 

YES! You can work and receive Social Security
benefits at the same time. While you work, your
earnings will reduce your benefit amount only until
you reach your FRA(Full Retirement Age). In any year you are under FRA for the entire year, you are entitled to $800 a month
or $9600 for the year. See the example below to
understand how this works.

EXAMPLE: Earnings – $20,960 ($8000 over
the $12,960 limit) during the year. Their
Social Security benefits will be reduced by
$4000 ($1 for every $2 they earn over the
limit), but they will still receive $5600 or
their $9600 in benefits for the year. ($9600
minus $4000=$5600)

Starting with the month you reach FRA, you can
receive your benefits with no limit to your earnings.
Make sure to contact your Social Security Office at
the beginning of the year you reach FRA if you are
not already receiving your benefits. If you delay
taking your Social Security benefit beyond your
FRA, benefits will increase by a certain percentage
up to age 70.

Written by brantleyw

September 27, 2009 at 4:12 pm