Claiming Social Security Early and Planning to Work? Don't Let This Lesser-Known Rule Cost You Money.
There have been many questions surrounding Social Security in recent times, but one thing remains true: It's an essential source of income for many of the almost 52 million Americans who were receiving retired workers' benefits as of the end of January. Regardless of how much of your retirement income Social Security accounts for, claiming benefits doesn't mean you have to stop working. If you're at or past your full retirement age (FRA) -- which is when you're eligible to receive your primary insurance amount (PIA) -- you can claim benefits and work as much as your heart desires.However, if you claim benefits before your FRA and continue working and earning over a certain amount, you'll face the Social Security retirement earnings test (RET). Below are a few things to know that could help you maximize your earnings while reducing the chances of being penalized.Continue reading
There have been many questions surrounding Social Security in recent times, but one thing remains true: It's an essential source of income for many of the almost 52 million Americans who were receiving retired workers' benefits as of the end of January.
Regardless of how much of your retirement income Social Security accounts for, claiming benefits doesn't mean you have to stop working. If you're at or past your full retirement age (FRA) -- which is when you're eligible to receive your primary insurance amount (PIA) -- you can claim benefits and work as much as your heart desires.
However, if you claim benefits before your FRA and continue working and earning over a certain amount, you'll face the Social Security retirement earnings test (RET). Below are a few things to know that could help you maximize your earnings while reducing the chances of being penalized.
