How much income can I make while receiving social security?

9 answers | Last updated: Jun 27, 2018
A fellow caregiver asked...

I am curious as to how the Social Security system views working while collecting Social Security. Approximately how much can one receive working while collecting Social Security? According to the paperwork I receive, I currently am eligible for $700 a month which will not cover all my expenses so I am concerned. I am 55 and,if I am able,I would like to work until at least 65.

Please advise.(that is if Social Security will still exist!)

Expert Answers

Once you reach what Social Security calls "full retirement age," you can work and earn as much money as you want without any reduction in your Social Security retirement benefits. For someone your age now, full retirement age will be 66 (not 65, as it was for most of Social Security's history).
However, you don't have to wait until full retirement age to collect Social Security retirement benefits. You could collect your Social Security retirement benefits as early as age 62. But if you collect those benefits at any time before you reach full retirement age, two different rules would affect how much your benefits are.

 First, your retirement benefit amount would be permanently reduced by a bit more than 0.5 percent for each month you claim it before you reach age 66. If you live a long life, this could mean the loss of tens of thousands of dollars in benefits over your lifetime.

Second, if you continue working after you claim Social Security benefits at less than full retirement age, those benefits would be reduced if you earn over a certain amount. Until you reach full retirement age, Social Security would reduce your benefits by $1 for every $2 you earned over a set yearly limit. (In 2009, the limit is $14,160.) This limit applies only to income you earn from current work, not from any pensions, investments, or other sources of income not derived from work you are doing at the time.

Community Answers

Poopatti answered...

When you are age 70 and work, how much can you earn before you have to pay taxes on social security in 2010?

Angelamaria answered...

how much money can my wife and I can make on interest and annuity, I'm on social security and I don't want to be paying lots of money for penalty on my social security. What is the amount for year 2009.

Paul as the apostle answered...

Inside My Heart

I have searched for peace and tranquility, but have never found them within my heart, for inside there is turmoil and discontent, leaving me with sadness and frustration. There are times when I feel anger and hate, but yet I have great Love for those around me, those who give me their Love and kindness, those who soften the reality of this life I lead. If it were not for the one's I care about and Love, then my humble existence would be destroyed, sent to who knows where, perhaps my private Hell, where I would find my soul on fire. Maybe my Savior would find me and save me, stretching his hand out and taking me home, a place that will be filled with goodness, a place that I will find peace, within my heart- for all eternity!

By Paul as the apostle 2-19-11

This Poem Is for Joseph, Love through Jesus Christ Our Savior

Thanks again, you were most helpful, for I am a 66 yrs. old, in need of help and you gave me the answer! By the way s.s. gives me a whooping $731.00 per month and my wife and I barely make it through each month. She needs eye surgery and if I can find a job, it sure would help.

Ocean5 answered...

thanks very helpful information

Jjr answered...

Not true.......The age is 70 not 66

San diego girl answered...

I just turned 62 and have retired I have applied for social security benefits . I rent my condo for about 1500 a month before property taxes Hoa fees etc. my benefits will be 633 a month. Will I be penalized for the condo rent ?

A fellow caregiver answered...

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Cissies answered...

I am 73 years old and had to go back to work.........,I earn $300.00 to $600.00 a month I have the usual taxes, social security,etc. taken out of my check,.....My question is, will my social security ever go up to reflect the social security I am paying. Is there a certain amount I have to earn before my S.S. will increase?