How Many Hours Can You Work Collecting Social Security?
Understanding the rules and regulations surrounding Social Security benefits can be complex, especially when it comes to determining how many hours you can work while still collecting these benefits. The Social Security Administration (SSA) has specific guidelines in place to ensure that individuals can work and earn an income without losing their eligibility for Social Security benefits.
Full Retirement Age
The number of hours you can work while collecting Social Security benefits depends on your full retirement age (FRA). Your FRA is the age at which you are eligible to receive your full retirement benefits. For those born between 1943 and 1954, the FRA is between 65 and 67 years old, depending on the year of birth.
During the Year Before FRA
If you are under your FRA, you can earn up to $18,960 in 2023 without facing any reduction in your Social Security benefits. For every $2 you earn above this limit, your benefits will be reduced by $1. This means that if you earn more than $18,960, your benefits will be reduced by 50% for every $1 over the limit.
During the Year of FRA
Once you reach your FRA, there are no limitations on how many hours you can work while collecting Social Security benefits. You can work full-time, part-time, or not at all, and your benefits will not be affected.
After FRA
After reaching your FRA, you can continue to work and earn as much as you want without any reduction in your Social Security benefits. However, if you choose to work and earn more than $56,520 in 2023, your benefits will be reduced by $1 for every $3 you earn over the limit until the month you reach your FRA.
Reporting Earnings
It is essential to report your earnings to the SSA if you are collecting Social Security benefits and working. You can report your earnings online, by phone, or by mail. Failure to report your earnings can result in an overpayment of benefits, which may need to be repaid.
Conclusion
Understanding how many hours you can work while collecting Social Security benefits is crucial for making informed decisions about your retirement. By familiarizing yourself with the SSA’s guidelines and reporting your earnings accurately, you can ensure that you receive the full benefits you are entitled to while still enjoying the freedom to work and earn an income.
