Can I Work Full-Time and Still Collect Social Security- Exploring the Possibilities and Guidelines
Can I work full time and still collect social security? This is a common question among individuals approaching retirement age or those who have recently started receiving social security benefits. The answer to this question depends on several factors, including the type of social security benefits you are receiving and the amount of income you earn while working.
Social Security benefits are designed to provide financial support to individuals who are retired, disabled, or the surviving spouse or child of a deceased worker. When it comes to working while collecting social security, there are specific rules and regulations that apply to each type of benefit.
Retirement Benefits
If you are collecting retirement benefits, you can work full time and still receive your full benefits until you reach your full retirement age (FRA). Your FRA is determined by your birth year and can range from 66 to 67 years old. However, if you begin receiving retirement benefits before reaching your FRA, your benefits may be reduced if your income exceeds a certain threshold.
For those who start receiving retirement benefits before their FRA, the earnings limit for 2021 is $18,960. For every $2 you earn above this limit, $1 will be deducted from your monthly benefits. Once you reach your FRA, there is no limit on how much you can earn while collecting retirement benefits, and there are no deductions from your monthly benefits.
Disability Benefits
If you are collecting disability benefits, the rules are a bit different. You can work full time and still receive your disability benefits, but there is a strict earnings limit. In 2021, the limit is $1,310 per month. If your earnings exceed this amount, your disability benefits may be suspended until your earnings fall below the limit.
It’s important to note that if you are working while collecting disability benefits, you must notify the Social Security Administration (SSA) of any changes in your work status or income. Failure to do so may result in an overpayment of benefits, which you will be required to repay.
Survivor Benefits
Survivor benefits are paid to the surviving spouse or child of a deceased worker. If you are receiving survivor benefits and working full time, the rules are similar to those for disability benefits. You can work full time and still receive your survivor benefits, but your earnings must not exceed the monthly limit of $1,310.
Conclusion
In conclusion, the answer to the question “Can I work full time and still collect social security?” depends on the type of benefits you are receiving. For retirement benefits, you can work full time and still receive your full benefits until you reach your FRA, with certain deductions if you start receiving benefits before your FRA. For disability and survivor benefits, there is an earnings limit, and your benefits may be suspended if you exceed that limit. It’s essential to understand these rules and regulations to ensure you are receiving the maximum benefits you are entitled to while working.
