Q: Can I collect Social Security benefits while I am still working?

A:  You can work and earn as much as you want without affecting your Social Security benefits after you reach your full retirement age. However, between age 62 and your full retirement age, you can only earn up to the “Earnings Threshold,” which is currently $18,960(2021). For every $2 you earn above the threshold, your benefits will be reduced by $1.

In the calendar year that you reach your full retirement age, benefits are reduced by $1 for every $3 that you are over $50,520 (for 2020).  This is for the months of the calendar year before you reach your full retirement age.

However, no need to despair. If Social Security withholds some of your benefits because you continue to work, it will recalculate (i.e. increase) your benefits once you reach your full retirement age.  In other words, continuing to work is not likely to reduce the total value of your lifetime benefits, and may actually increase them.

For more, check out the IRS web page on this topic.