Earn More in 2020 and Keep Your Social Security Benefits
Social Security currently pays benefits to more than 60 million Americans, and the majority of them receive money from the old-age side of the program. The most common age for people to claim their retirement benefits is 62, and many of them still keep their jobs and decide to supplement their income by claiming their Social Security.
You don't have to stop working to receive your retirement benefits from Social Security. However, there are some provisions that will affect some workers who take early retirement benefits while still earning a paycheck. Specifically, if your earnings from work are above the limits that Social Security sets each year, then you might have to forfeit some of your benefits back to the Social Security Administration. Fortunately, those earnings limits typically go up every year, and workers in 2020 will be able to make a little bit more money before they'd have to give anything back.
There are a couple of aspects to the Social Security earnings test that recipients should understand -- ideally before they claim early retirement benefits. First, the provision only applies to those who are younger than full retirement age. If you've already reached that key age, then you can earn as much as you want and still get your full Social Security benefits.
Source Fool.com
