{"id":8002,"date":"2024-11-16T09:15:01","date_gmt":"2024-11-16T09:15:01","guid":{"rendered":"https:\/\/finderica.com\/can-you-work-and-collect-social-security-yes-but-there-are-limits\/"},"modified":"2024-11-16T09:15:01","modified_gmt":"2024-11-16T09:15:01","slug":"can-you-work-and-collect-social-security-yes-but-there-are-limits","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=8002","title":{"rendered":"Can You Work and Collect Social Security? Yes, But There Are Limits"},"content":{"rendered":"\n<div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"lazyload clicker_number\" style=\"position: absolute; height: 1px; width: 100%\" alt=\"ScoreCard Research\" data-count=\"216.98.0.236,216.98.0.236, 108.162.245.31\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\"><\/p>\n<p>As simple words go, \u201cretirement\u2019\u2019 carries a lot of weight and a lot of baggage.<\/p>\n<p>Now that retirement is bouncing around in your mind, and you entertain the thought of giving up your day job, you ask yourself:<\/p>\n<ul>\n<li aria-level=\"1\">Is my retirement income and Social Security going to be enough for my preferred lifestyle?<\/li>\n<li aria-level=\"1\">What am I going to do with myself every day?<\/li>\n<\/ul>\n<p>One answer responds to both questions. You can retire, collect Social Security, and still work and make money and be productive. The trick is there\u2019s a limit to how much you can make depending on your age.<\/p>\n<p>If you are at what Social Security deems full retirement age, you can collect and keep your full Social Security benefits and make as much money as you want.<\/p>\n<p><span style=\"font-weight: 400;\">If you are not yet at full retirement age but are receiving Social Security benefits, you can make up to <\/span><a href=\"https:\/\/www.ssa.gov\/OACT\/COLA\/rtdet.html#:~:text=The%20annual%20exempt%20amount%20for,monthly%20amount%20%241%2C860%2C%20or%20%2422%2C320.&amp;text=Amount%20for%202024-,The%20monthly%20exempt%20amount%20for%202024%20is%20determined%20to%20be,monthly%20exempt%20amount%20of%20%244%2C710.\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">$22,320 a year without penalty<\/span><\/a><span style=\"font-weight: 400;\">. That\u2019s $1,860 a month. We get into more details later in this post of what happens when you go over that amount.<\/span><\/p>\n<div class=\"adBorder\" id=\"thepe-1973215261\">\n<h3>Drowning in Expenses?<\/h3>\n<p>Maybe you\u2019re scrambling after your car broke down. Or you got a medical bill you weren\u2019t expecting. Or inflation has finally pushed your budget over the edge. Take a breath. You don\u2019t need to go it alone.<\/p>\n<p>When money is tight, <a href=\"https:\/\/partners.thepennyhoarder.com\/when-money-is-tight-sdyn-prt\/\/?aff_id=384&amp;aff_sub3=when-money-is-tight-sdyn-prt\/&amp;aff_sub4=191825\" target=\"_blank\" rel=\"noopener\">these resources<\/a> can help you manage unexpected expenses without stress.<\/p>\n<\/div>\n<h2>How You Can Work and Collect Social Security<\/h2>\n<p>So let\u2019s dive into the particulars that allow you to work while you are retired <i>and<\/i> collecting Social Security. And then let\u2019s consider some types of work you can do in retirement to bring in some extra income.<\/p>\n<h3>The Meaning of Retirement<\/h3>\n<p>What it means to be officially retired can be open-ended, and it is mostly up to you when you retire.<\/p>\n<p>You just decide one day you don\u2019t want to work at the job or in the field to which you dedicated the first 30 or 40 years of your professional life. Often this coincides with your 65th birthday, because that\u2019s when you qualify for Medicare.<\/p>\n<p>However, you can start taking Social Security benefits before 65, beginning at 62.<\/p>\n<h3>Full Retirement Age<\/h3>\n<p>The <a href=\"https:\/\/www.ssa.gov\/benefits\/retirement\/planner\/agereduction.html\" target=\"_blank\" rel=\"noopener\">Social Security Administration website<\/a> is clear and precise about making money while accepting benefits, but here is what you need to know:<\/p>\n<p><b>Your full retirement age<\/b>: If you were born Jan. 2, 1959 through Jan. 1, 1960, your full retirement age for retirement insurance benefits is 66 years and 10 months.<\/p>\n<p>Every year earlier reduces the full retirement age by two months. If you were born in 1958, 66 years and 8 months; if you were born in 1957, 66 years and 6 months, and so on.<\/p>\n<p>If you were born after the 1959 date, your full retirement age is 67 years old. If you were born between 1943 to 1952, your full retirement age is 66.<\/p>\n<p>If you want to know more, the government has changed the full retirement age stipulations because people are living longer.<\/p>\n<h3>Salary Restrictions for 2024<\/h3>\n<p><span style=\"font-weight: 400;\">As stated before, you can make up to $22,320 a year without penalty in 2024. That benefit increased in 2023 by more than $2,000 per year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you make more than that, your benefits are reduced by $1 for every $2 you make over the $22,320.<\/span><\/p>\n<p><b>But get this<\/b>: Once you reach full retirement age, the money that was subtracted from your Social Security benefits previously are refunded to you. You never really lose those funds, they are just held from you until you reach that magic age.<\/p>\n<p>There are special rules depending on whether you receive a salary or are self-employed when you are working, but they differ based on when they are counted (when you earn the money versus when you get paid). The <a href=\"https:\/\/www.ssa.gov\/pubs\/EN-05-10069.pdf\" target=\"_blank\" rel=\"noopener\">Social Security Administration website <\/a>can address those particular items for you.<\/p>\n<div class=\"adBorder\" id=\"thepe-806936157\">\n<h3>Need Some Quick Cash?<\/h3>\n<p>If you\u2019re looking to boost your income this month, we\u2019ve got just the thing for you.<\/p>\n<p>From quick gigs to smart side hustles, check out <a href=\"https:\/\/partners.thepennyhoarder.com\/50-ways-sdyn-prt\/?aff_id=384&amp;aff_sub3=50-ways-sdyn-prt\/&amp;aff_sub4=191813\" target=\"_blank\" rel=\"noopener\">these 50 easy ways to make a quick buck<\/a> \u2014 there\u2019s something for everyone.<\/p>\n<\/div>\n<h2>Suggestions for Work Even Before You Reach Full Retirement Age<\/h2>\n<p><span style=\"font-weight: 400;\">Here are some suggestions of part-time jobs that can bring in some extra money. They may be more about what you want to do than what you have been doing. Check out these <\/span><span style=\"font-weight: 400;\">12 ways to make money<\/span><span style=\"font-weight: 400;\"> you might not have thought about. And more:<\/span><\/p>\n<figure id=\"attachment_149358\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" fetchpriority=\"high\" loading=\"lazy\" fetchpriority=\"high\" decoding=\"async\" class=\"lazyload size-large wp-image-149358\" src=\"https:\/\/www.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/senior_citizen_jobs23-final-1024x683.jpg\" alt=\"A senior citizen woman does book keeping from home. \" width=\"1024\" height=\"683\" srcset=\"https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21120850\/senior_citizen_jobs23-final-1024x683.jpg 1024w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21120850\/senior_citizen_jobs23-final-360x240.jpg 360w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21120850\/senior_citizen_jobs23-final-768x512.jpg 768w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21120850\/senior_citizen_jobs23-final-100x67.jpg 100w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21120850\/senior_citizen_jobs23-final-222x148.jpg 222w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21120850\/senior_citizen_jobs23-final-314x209.jpg 314w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21120850\/senior_citizen_jobs23-final-363x242.jpg 363w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21120850\/senior_citizen_jobs23-final-467x311.jpg 467w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21120850\/senior_citizen_jobs23-final-649x433.jpg 649w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21120850\/senior_citizen_jobs23-final-750x500.jpg 750w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21120850\/senior_citizen_jobs23-final-793x529.jpg 793w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21120850\/senior_citizen_jobs23-final-300x200.jpg 300w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21120850\/senior_citizen_jobs23-final.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><figcaption class=\"wp-caption-text\"> Getty Images<\/figcaption><\/figure>\n<h3>1. Indoor Work<\/h3>\n<p>According to the <a href=\"https:\/\/www.aarp.org\/work\/job-search\/info-2020\/part-time-jobs-for-retirees.html\" target=\"_blank\" rel=\"noopener\">AARP<\/a>, bookkeeping is the most popular part-time position for workers of a certain age. This makes some sense: it is not physical, requires patience and is likely not a popular job among younger people.<\/p>\n<p>And if you\u2019re so inclined to start your own virtual bookkeeping business you could make up to $69 an hour.<\/p>\n<h3>2. Health Care<\/h3>\n<p>Perhaps knowing that you may someday require health care assistance, it becomes attractive to offer help to those already in need. Older people are encouraged to apply for jobs as assistants to nursing homes and hospitals.<\/p>\n<p>Certainly, certifications will make you more attractive as an employee, but there are jobs specifically for those people who want to help but did not originally work in health care and don\u2019t have licenses or certificates.<\/p>\n<p>There may also be other opportunities in a less structured way. If you have a friend, or a friend who has a friend, with an older family member or neighbor that needs assistance during the day, let them know you are looking for work. You can offer your services to drive them to medical appointments, make lunch or simply provide a few hours of companionship.<\/p>\n<h3>3. Work With Children<\/h3>\n<p><span style=\"font-weight: 400;\">School administrations offer several positions for older people interested in part-time work. <\/span><\/p>\n<p>While \u201ccrossing guard\u2019\u2019 may be the first thing that comes to mind, schools, colleges and universities need staff that can provide some level of security for special events, and older people who may have grandchildren of their own have built-in radar for the well-being of children.<\/p>\n<figure id=\"attachment_149351\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"lazyload size-large wp-image-149351\" src=\"https:\/\/www.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/senior_citizen_jobs2-final-1024x683.jpg\" alt=\"A senior citizen poses for a portrait with an axe and tree behind him.\" width=\"1024\" height=\"683\" srcset=\"https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21115043\/senior_citizen_jobs2-final-1024x683.jpg 1024w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21115043\/senior_citizen_jobs2-final-360x240.jpg 360w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21115043\/senior_citizen_jobs2-final-768x512.jpg 768w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21115043\/senior_citizen_jobs2-final-100x67.jpg 100w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21115043\/senior_citizen_jobs2-final-222x148.jpg 222w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21115043\/senior_citizen_jobs2-final-314x209.jpg 314w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21115043\/senior_citizen_jobs2-final-363x242.jpg 363w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21115043\/senior_citizen_jobs2-final-467x311.jpg 467w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21115043\/senior_citizen_jobs2-final-649x433.jpg 649w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21115043\/senior_citizen_jobs2-final-750x500.jpg 750w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21115043\/senior_citizen_jobs2-final-793x529.jpg 793w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21115043\/senior_citizen_jobs2-final-300x200.jpg 300w, https:\/\/cdn.thepennyhoarder.com\/wp-content\/uploads\/2021\/06\/21115043\/senior_citizen_jobs2-final.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><figcaption class=\"wp-caption-text\"> Getty Images<\/figcaption><\/figure>\n<h3>4. Outdoor Work<\/h3>\n<p>Your city or county leisure services or parks department may have work for you. If there\u2019s a forestry department in your area, contact them.<\/p>\n<p>From cleaning parks to walking through wooded areas looking for environmental concerns (downed trees, unexpected flooding, etc.), being paid to take a walk in nature is not a bad way to spend a day.<\/p>\n<h3>5. Helping Other Seniors<\/h3>\n<p><span style=\"font-weight: 400;\">Many communities have <\/span><a href=\"https:\/\/www.seniorcenterdirectory.com\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">senior centers<\/span><\/a><span style=\"font-weight: 400;\"> that provide activities and services. Yes, there are people at senior centers playing bridge and canasta, but senior centers are also one of the first places employers turn to when looking for people to fill paid positions that require attendance and attention. Consider your local senior center as a resource for finding a position that suits your interests.<\/span><\/p>\n<div class=\"adBorder\" id=\"thepe-1466102667\">\n<h3>Need a Hand With Bills?<\/h3>\n<p>Listen, we know it\u2019s tough out there. But there\u2019s no shame in asking for help.<\/p>\n<p><a href=\"https:\/\/partners.thepennyhoarder.com\/ask-for-money-sdyn-prt\/?aff_id=384&amp;aff_sub3=ask-for-money-sdyn-prt\/&amp;aff_sub4=191831\" target=\"_blank\" rel=\"noopener\">These companies<\/a> make it easy to help yourself and your bank account.<\/p>\n<\/div>\n<p><i>Kent McDill is a veteran journalist who has specialized in personal finance topics since 2013. He is a contributor to The SS. William Fewox contributed to this report.\u00a0<\/i><\/p>\n<p>        <!-- ACF Financial Disclaimer --><\/p>\n<p>        <!-- End ACF Financial Disclaimer --><\/p>\n<p>        <!-- \n\n<div class=\"single-social-share-bottom text-center\"> --><br \/>\n                    <!-- <\/div>\n\n --><\/p>\n<p>        <!-- Newsletter Signup Form --><\/p>\n<hr>\n<hr>\n<div class=\"newsletter-signup-wrapper-for-digioh\">\n<div class=\"col-xs-12 newsletter-wrap flex-row\">\n<div class=\"container flex-container\">\n<div class=\"col-xs-12 new-newsletter-form\">\n<p class=\"text-subheading\">Ready to stop worrying about money?<\/p>\n<p class=\"text-get-daily\">Get the SS Daily<\/p>\n<p class=\"email-privacy-policy-blurb-white\">\n<\/p><\/div>\n<\/div><\/div>\n<\/p><\/div>\n<p>        <!-- End Newsletter Signup Form --><\/p><\/div>\n<p><script type=\"text\/javascript\" id=\"wp-fcapi-js-before\">\n\/* <![CDATA[ *\/\n!function(f,b,e,v,n,t,s)\n{if(f.fbq)return;n=f.fbq=function(){n.callMethod?\nn.callMethod.apply(n,arguments):n.queue.push(arguments)};\nif(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';\nn.queue=[];t=b.createElement(e);t.async=!0;\nt.src=v;s=b.getElementsByTagName(e)[0];\ns.parentNode.insertBefore(t,s)}(window, document,'script',\n'https:\/\/connect.facebook.net\/en_US\/fbevents.js');\nfbq('init', '263664193816679');\n\/* ]]> *\/\n<\/script><br \/>\n<br \/><a href=\"https:\/\/www.thepennyhoarder.com\/retirement\/can-you-work-and-collect-social-security\/\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As simple words go, \u201cretirement\u2019\u2019 carries a lot of weight and a lot of baggage. Now that retirement is bouncing around in your mind, and you entertain the thought of giving up your day job, you ask yourself: Is my retirement income and Social Security going to be enough for my preferred lifestyle? What am<\/p>\n","protected":false},"author":1,"featured_media":8003,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[348],"tags":[549,1438,899,898,360],"class_list":{"0":"post-8002","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-retirement","8":"tag-collect","9":"tag-limits","10":"tag-security","11":"tag-social","12":"tag-work"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8002"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/8002\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/8003"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}