What Are the 2021 Social Security Earnings Test Limits?
The decision to file for Social Security is a big one. Claim benefits too soon, and you risk slashing them on a monthly basis for life. Wait too long, and you risk losing out on lifetime income.
One factor that may influence your decision to file or not is your job status. If you're working, you may want to wait on Social Security and grow your monthly benefit. The good news is that you're allowed to hold a job and collect Social Security at the same time. Whether that impacts your benefits depends on your age and earnings level.
You're entitled to your full monthly Social Security benefit based on your earnings history once you reach full retirement age. FRA is 66, 67, or 66 and a certain number of months, depending on your year of birth. Once you reach FRA, you can earn as much money as you'd like without impacting your Social Security income. If you claim benefits before FRA and continue working, you'll have to worry about the earnings test.
Source Fool.com
