Can you work and collect social security at 66? This is a question that many individuals approaching retirement age are asking themselves. With the increasing cost of living and the uncertainty of the economy, it’s important to understand the options available to you. In this article, we will explore the possibility of working while collecting social security at the age of 66 and the factors to consider when making this decision.
The age of eligibility for social security benefits has been a topic of debate for years. Historically, the full retirement age was 65, but due to the aging population and longer life expectancy, the Social Security Administration (SSA) has adjusted the age to 66 for those born between 1943 and 1954. This means that individuals born in 1955 or later will have to wait until they are 67 to receive full benefits.
Working while collecting social security at 66 is possible, but it comes with certain rules and limitations. One of the most important factors to consider is the earnings limit. For individuals who have reached their full retirement age, there is no limit on how much they can earn while collecting social security benefits. However, if you are under your full retirement age, there is an annual earnings limit that could affect your benefits.
For those who are under the full retirement age, the earnings limit is $18,960 in 2023. If you earn more than this amount, $1 will be deducted from your social security benefits for every $2 you earn above the limit. This means that if you earn $19,920 or more, you will not receive any social security benefits for that month.
On the other hand, if you continue to work after reaching your full retirement age, you can earn as much as you want without any deductions from your social security benefits. This can be a significant advantage for those who need additional income or simply enjoy working.
When considering whether to work and collect social security at 66, it’s important to weigh the pros and cons. On one hand, working can provide additional income, help you stay active, and keep your skills sharp. On the other hand, collecting social security can provide financial security and give you the freedom to pursue other interests or hobbies.
Another factor to consider is your overall financial situation. If you have saved adequately for retirement and have a comfortable nest egg, you may not need to work as much. However, if you are concerned about your financial stability, working and collecting social security can be a good strategy to ensure a steady income.
It’s also important to plan ahead and consider the long-term implications of your decision. If you decide to work and collect social security at 66, you may want to consult with a financial advisor to ensure that you are making the best choice for your unique situation.
In conclusion, the question of whether you can work and collect social security at 66 is a complex one that requires careful consideration. By understanding the rules and limitations, as well as your own financial situation, you can make an informed decision that will help you achieve a fulfilling and financially secure retirement.
