The fact that you’ve decided to retire doesn’t necessarily mean you want to stop working. Retirement is a great time to explore alternative career options, try your hand at a new career, or work part-time to add a little extra cash to your bottom line every month.
However, continuing to work while collecting social security can affect your monthly benefits if you claim these before your full retirement age. Your full retirement age depends on the year you were born, so make sure you’re aware of this criterion before you claim benefits.1
The first and most important thing to know is that once you reach full retirement age, or age 70 (the maximum age at which you can continue to accrue benefits), there is no limit to how much you can earn. Once you’ve reached full retirement age, you are fully vested in the social security system, so your benefits won’t be reduced.2
However, if you continue working after you’ve retired before your full retirement age and are claiming social security, your benefits could be affected.
Your best bet might be to continue to delay taking social security benefits until your full retirement age or later. Talk with your financial advisor to review your situation and determine when claiming social security is right for you and your family.