retirement

Recouping Social Security Benefits

If you haven't yet reached full retirement age and have returned to the workforce, expect for your benefits to be reduced.

Question: I started taking Social Security at 62, but my benefits were reduced two years later when I started working again. Do I ever get those benefits back? - K.M., Atlanta

Yes. Your monthly benefits will be increased in the month you reach full retirement age to account for the forfeited benefits. If you earn more than $17,640 in 2019, Social Security temporarily withholds $1 in benefits for every $2 in earnings above that limit. After you reach your full retirement age (age 66 for people born in 1943 through 1954), you can earn an unlimited amount without affecting your Social Security benefits.

Most Popular

Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021
How to Calculate the Break-Even Age for Taking Social Security
social security

How to Calculate the Break-Even Age for Taking Social Security

When it comes to maximizing your Social Security benefits, there are many elements to consider. One factor that can be especially enlightening is your…
August 30, 2021
Spend Without Worry in Retirement
Financial Planning

Spend Without Worry in Retirement

Fears of running out of money prevent many retirees from tapping the nest egg they’ve worked a lifetime to save. With these strategies, you can genera…
August 30, 2021

Recommended

What Is the Social Security COLA?
retirement

What Is the Social Security COLA?

This year especially, cost-of-living adjustments are late to the party, as consumers are feeling the effect of price spikes now.
September 16, 2021
Retirees Likely to Receive Significant Bump in Social Security Benefits in 2022
social security

Retirees Likely to Receive Significant Bump in Social Security Benefits in 2022

The cost-of-living adjustment for Social Security benefits for next year is expected to be the largest since 1982.
September 16, 2021
5 Key Points to Consider Before You Claim Social Security
social security

5 Key Points to Consider Before You Claim Social Security

The big decision every retiree has to make is when to start taking their Social Security benefits. Here are five things to think about as you weigh yo…
September 16, 2021
What's My Social Security Full Retirement Age?
social security

What's My Social Security Full Retirement Age?

The year you were born determines when you become eligible for your full Social Security retirement benefit. Use our calculator to determine your full…
September 14, 2021