Can I Receive Social Security Benefits If I Return To Work?
An increasing number of Americans choose to work after reaching their retirement age. If you are receiving Social Security benefits and are considering going back to work, you need to understand that your return to work may affect your benefits.
You need to consult with a skilled attorney to determine how your return to work may affect your Social Security benefits. Whether or not your Social Security benefits will be affected depends on how much you earn and when you began receiving the benefits.
Consult with our Tampa Social Security attorney to discuss your particular case and determine how your return to work might affect your benefits.
Can I Work and Receive Social Security Benefits at the Same Time?
The short answer is, “Yes, you can.” Although you can receive Social Security retirement benefits while working, earning income above a specified threshold can result in a reduction in the benefit amount.
Note: Keep in mind that if you are receiving SSDI or SSI benefits, you must notify the Social Security Administration (SSA) of any changes in your employment.
How Working May Affect Your Social Security Benefits
If you want to return to work while collecting Social Security benefits, you need to understand how working may affect your benefits:
- If you are below the full retirement age and earn above a certain yearly limit, your Social Security benefits may be reduced;
- If you are below the full retirement age, SSA will deduct $1 from your Social Security benefits for every $2 you earn above the threshold. In 2021, the threshold is $18,960.
- If you retire at full retirement age, SSA will deduct $1 from your Social Security benefits for every $3 you earn above the yearly earnings limit. The limit is $50,520 in 2021.
How working may affect your Social Security benefits depends on many factors, including your financial situation. Calculating how SSA may reduce your benefits if you return to work can be a complicated matter, which is why it is advisable to consult with an experienced attorney. A lawyer will help you navigate the process and ensure that you know how to proceed in your particular case.
Note: SSA does not count your other government or military retirement benefits, investment income, pensions, and others against our deductible income.
How Does Returning to Work Affect Social Security Disability Benefits?
When you notify the SSA that you want to return to work, the agency will assign you a trial period. During the trial period, you will work nine months while still receiving Social Security disability benefits. However, the amount of Social Security disability benefits will be adjusted based on your earnings.
Generally, if you return to work but later realize that you cannot continue working due to the same reason you applied for disability benefits in the first place, you will not need to reapply to get approved for disability benefits again.
Schedule a consultation with our Tampa Social Security disability attorney Jason Kobal at Kobal Law to determine how returning to work may affect your Social Security benefits. Call 813-873-2440 for a case evaluation.