If you’re retired and still working you better watch your back. Don’t think everything is fine and dandy with you receiving Social Security benefits and a healthy paycheck. If this statement appeals to you, then part or all of your social security benefits could be temporary withheld.
You can fully retire when you’re 66. But if you’re younger, you can still earn about $15,000 without it affecting your Social Security benefits.
Elaine Floyd, a director of retirement and life planning, has this to say, “For people who did file at 62 and regret the decision, the way to make up for that is to, if possible, go back to work and have your benefit withheld. If you work and if your benefit is withheld, it will be recalculated at full retirement age to give you back the reduction that was deducted.”
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