What happens if I am collecting Social Security and still working before my FRA?Published: March 28, 2023
Full question: I would like to file at 66 and 1 month for a birthday of 02/20/1957 but I’m still working. Is there a different tax rate if I’m not on my full age of 66 and 6 months? I’m going to continue working even longer but I need the money.
Thank you for reaching out.
If you are between the ages of 62 and your FRA (Full Retirement Age) of 66-6 months, collecting Social Security benefits and also still working, you will be subject to the earnings test.
The earnings test limit for the year that you reach FRA is $51,520/yr., or $4,710/mo. For every $3 you earn over that amount, $1 will be withheld from your Social Security check.
The payroll tax rate remains the same when working whether you are collecting benefits or not.
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All the best,