What if I want to work part-time in retirement?
- How does Social Security work?
- Does Social Security cover retirees only?
- How does my work now equal benefits later?
- Am I eligible for Social Security benefits?
- How do I know I'm getting credit for the years I worked?
- What about my eligibility for Medicare benefits?
- When can I start getting payouts?
- Why should I wait past age 62 to start collecting?
- How much will my payouts be if I collect at 62?
- How much will my payments be if I wait until age 70?
- Can I start collecting benefits if I'm still working?
- What's the best age to start getting payouts?
- How big will my payouts be?
- What if I want to work part-time in retirement?
- Will my spouse and kids receive benefits when I die?
- How do Social Security disability payments work?
- Will I get taxed on my Social Security payouts?
- Will Social Security still exist when I retire?
- How does Social Security fit into my retirement plan?
That's a crucial question. When you earn some income and you haven't yet reached what Social Security considers full retirement age, your payouts will typically be smaller during the period that you're working.
Specifically, if you start receiving your Social Security payouts early, but you're still working and earning more than $13,560 (the annual limit for 2008), your benefit is reduced by $1 for every $2 above that limit. However, Social Security will make an adjustment when you reach full retirement age to reflect the additional income you earned.
In the last year before reaching your full retirement age, the earnings limit rises to $36,120, and your benefits are reduced $1 for every $3 above that limit. As of the month you reach full retirement age, your benefits are not affected by any earnings limits.
