Can You Work and Still Get Social Security?
Yes, you can work and collect Social Security benefits, but your benefits may be reduced if you earn more than a certain amount. In 2023, you can earn up to $21,240 per year without penalty. If you earn more than $21,240, your benefits will be reduced by $1 for every $2 you earn above that limit. For example, if you earn $25,000 in 2023, your benefits will be reduced by $1,880.
There are a few exceptions to this rule. For example, if you are 85 or older, you can earn any amount of money without penalty. You can also continue to receive full benefits if you are working in a job that does not count toward your Social Security earnings limit.
How do I report my earnings to Social Security?
If you are working and collecting Social Security benefits, you need to report your earnings to Social Security each year. You can do this online, by phone, or by mail.
Can I work and collect Social Security disability benefits?
Yes, you can work and collect Social Security disability benefits, but there are some restrictions. You must be earning less than the Substantial Gainful Activity (SGA) limit. The SGA limit is the amount of money that a person with a disability can earn and still be considered disabled. In 2023, the SGA limit is $1,470 per month. If you earn more than the SGA limit, your benefits may be reduced or stopped.
How do I report my earnings to Social Security if I am collecting disability benefits?
If you are collecting Social Security disability benefits and you start working, you need to report your earnings to Social Security within 30 days of starting your job. You can report your earnings online, by phone, or by mail.
What are the penalties for not reporting my earnings?
If you do not report your earnings to Social Security, you may be subject to penalties. These penalties can include a reduction in your benefits or even overpayment charges.
For more information about working and collecting Social Security benefits, please visit the Social Security Administration’s website at https://www.ssa.gov/retirement.
This article is for general informational purposes only and is not legal advice. Contact us today to discuss your specific situation.