Working While Youre Collecting Social Security

Claiming Social Security early could cost you—especially if you’re still working. Rix Pix Photography/ShutterstockChoosing when to collect Social Security retirement benefits is a consequential decision. It will affect your finances for the rest of your life. You’ll be able to claim reduced retirement benefits as early as 62.In fact, in 2022, nearly 30 percent of new Social Security beneficiaries began receiving benefits at age 62, according to the Bipartisan Policy Center. The full retirement age (FRA) for those born in 1960 or later is 67, according to the Social Security Administration (SSA). Although you can claim the benefits early, there are drawbacks. And one of them relates to any continued employment.Social Security Earnings TestYou can receive Social Security or survivors’ benefits and work at the same time. But the Social Security earnings test will be applied to you.