3 Things You Need to Know About Working and Collecting Social Security at the Same Time
Social Security is a complex program with lots of intricate rules. The more you learn about it, the easier it'll be to make the most of your benefits. Social Security has specific rules when it comes to working and collecting benefits at the same time. Here are a few things you should know that might affect your plans.
One big misconception about Social Security is that you can only claim benefits once you stop working. Not so. You are allowed to hold down a job and collect benefits at the same time, but whether you get to keep those benefits in full depends on your age and the amount of money you earn from being employed.
When you work and receive benefits simultaneously, you're subject to what's known as the earnings test. If your earnings exceed a certain threshold that changes from year to year, you'll have some of your Social Security benefits withheld.
Source Fool.com
