![]() So will your monthly benefit go up if you continue to have earned income? That might be the case if your current salary is higher than one of your 35 highest-earning years to date. Whether or not your continued income has a positive effect on the amount of your monthly Social Security benefit depends on how much money you made in the past and how much you're making now. However, earned income may impact your benefit if you take Social Security before your FRA. You're entitled to full benefits no matter your income level. So, yes, if you continue to work, you'll continue to pay into Social Security and other payroll taxes.įortunately for you, since you're past your full retirement age (FRA), there's no benefit reduction based on income. As long as you have earned income (such as wages), you're required to pay Social Security taxes on up to the annual payroll limitation-$147,000 in 2022. That's a smart move for many folks!īut while Uncle Sam gives you a bonus for waiting to collect Social Security benefits, he doesn't give you a dispensation from paying Social Security taxes. By doing so, you maximized your monthly payout. Since I'm past full retirement age, will I continue to pay Social Security taxes? Also, will continuing to work affect my monthly benefit?įirst, congratulations on waiting until 70 to collect your Social Security benefits. I'm turning 70 and about to start collecting Social Security even though I'm still working and intend to keep working for a couple more years. For more information about the SECURE Act 2.0, please read this article or speak with your financial consultant. Please note: This article may contain outdated information about RMDs and retirement accounts due to the SECURE Act 2.0, a law governing retirement savings (e.g., the age at which individuals must begin taking required minimum distributions (RMDs) from their retirement account will change from 72 to 73 beginning January 1, 2023). Id="body_disclosure-media_disclosure-89306" ![]() (1222-2NLK) this article or speak with your financial consultant. ![]()
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