Should You Continue Working While Receiving Social Security Benefits?

Posted on 4-07-2021

This week, Craig Siminski, of CMS Retirement Income Planning, shares an article  discussing the Social Security retirement earnings test, and how it may affect your current and future Social Security benefits:

Social Security has some 2,700 rules, and one of the most confusing and misunderstood is the retirement earnings test (RET).

Some people may think they can’t work — or shouldn’t work — while collecting Social Security benefits. But that’s not the case.

It is important to understand the RET and how it may affect your income.

The RET applies only if you are working and receiving Social Security benefits before reaching full retirement age (see chart). Any earnings after reaching full retirement age do not affect your Social Security benefit.

If you are under full retirement age for the entire year in which you work, $1 in benefits will be deducted for every $2 in gross wages or net self-employment income above the annual exempt amount ($18,960 in 2021). The RET does not apply to…

To Read the Entire Article, Please Click Here.

Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 22 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.


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