Social Security Benefits

SSA has a pretty good website that explains in detail all the different scenarios.

 

If FRA = 68 or 70 etc then you can make whatever you want and those benefits should stand.

Once you are FRA, there is nothing more to do except to see how many years before your death. And that is becoming a real problem with SSA trust, the expected life span is 75 years, people are getting into the 90's further putting a strain on it.

People can get retirement at 62 but if you check the schedule of benefits, you will find that trying to live at 62 on nothing makes your situation much worse after you age to FRA. It is better to you to wait until FRA if at all possible.

 

As stated before, once you reach full retirement age, you are allowed to make as much as you want. But!! There is a "catch", once your gross income goes beyond a certain amount, I believe $32,000, your Social Security is taxed. Your benefits could be taxed up to 85%, all depending on your gross income for the year. You can have taxes deducted from your benefits. I have worked since I started receiving S.S. some 19 years ago and every year, I have paid taxes on 85% on my benefits. I protect myself from owing the government by having my employer take extra taxes out of my pay check. But once you reach a certain amount of income, you will be liable to pay taxes on your S.S. benefits.

 

If you are not FRA after $17,000 you make social security will take one dollar for every two you make.