{"id":9528,"date":"2022-03-28T09:10:07","date_gmt":"2022-03-28T13:10:07","guid":{"rendered":"http:\/\/10.130.206.81\/?p=9528"},"modified":"2023-02-10T14:43:53","modified_gmt":"2023-02-10T19:43:53","slug":"working-while-receiving-social-security-benefits","status":"publish","type":"post","link":"http:\/\/10.130.206.81\/2022\/03\/28\/working-while-receiving-social-security-benefits\/","title":{"rendered":"Working While Receiving Social Security Benefits"},"content":{"rendered":"
The COVID-19 recession and the continuing pandemic pushed many older workers into retirement earlier than they had anticipated. A little more than 50% of Americans age 55 and older said they were retired inQ3 2021, up from about 48% two years earlier, before the pandemic. 1<\/em><\/p>\n For people age 62 and older, retiring from the workforce often means claiming Social Security benefits. But what happens if you decide to go back to work? With the job market heating up, there are opportunities for people of all ages to return to the workforce. Or to look at it another way: What happens if you are working and want to claim Social Security benefits while staying on your job?<\/p>\n Retirement Earnings Test<\/strong><\/p>\n Some people may think they can’t work \u2014 or shouldn’t work \u2014 while collecting Social Security benefits. But that’s not the case. However, it’s important to understand how the retirement earnings test (RET)could affect your benefits.<\/p>\n The RET might seem like a stiff penalty, but the deducted benefits are not really lost. Your Social Security benefit amount is recalculated after you reach full retirement age. For example, if you claimed benefits at age 62 and forfeited the equivalent of 12months’ worth of benefits by the time you reached full retirement age, your benefit would be recalculated as if you had claimed it at age 63 instead of 62. You would receive this higher benefit for the rest of your life, so you could end up receiving substantially more than the amount that was withheld. There is no adjustment for lost spousal benefits or for lost survivor benefits that are based on having a dependent child.<\/p>\n If you regret taking your Social Security benefit before reaching full retirement age, you can apply to withdraw benefits within 12 months of the original claim. You must repay all benefits received on your claim, including any spousal or dependent benefits. This option is available only once in your lifetime.<\/p>\n 1) Pew Research Center, November 4, 2021<\/em><\/p>\n The COVID-19 recession and the continuing pandemic pushed many older workers into retirement earlier than they had anticipated. A little more than 50% of Americans age 55 and older said they were retired inQ3 2021, up from about 48% two years earlier, before the pandemic. 1 For people age 62 and older, retiring from the […]<\/p>\n","protected":false},"author":1,"featured_media":9539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50],"tags":[],"yoast_head":"\n\n
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2022<\/h5>\n
Non-deposit investment products and services are offered through CUSO Financial Services, LP (\u201cCFS\u201d) a registered broker-dealer(Member FINRA\/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA\/NCUSIF or other wise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS for investment services. Atria Wealth Solutions, Inc. (\u201cAtria\u201d) is a modern wealth management solutions holding company. Atria is not a registered broker-dealer and\/or Registered Investment Advisor and does not provide investment advice. Investment advice is only provided through Atria\u2019s subsidiaries. CUSO Financial Services, LP is a subsidiary of Atria.<\/h5>\n","protected":false},"excerpt":{"rendered":"