There are many rules you need to know if you are collecting Social Security. Most of the rules apply regardless of how old you are or whether you have hit your full retirement age. For example, everyone gets the same Social Security COLA regardless of age, and the rules for when benefits become taxable are the same for all retirees.
However, there is one rule that changes when you have reached your full retirement age. It's an important one that you must be aware of, as it can affect how much of your benefits you are allowed to keep.
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This rule changes once you reach your full retirement age
The one key rule that changes when you reach full retirement age has to do with working while collecting Social Security benefits.
Specifically, once you have reached your full retirement age, you are allowed to work as much as you want. Your Social Security benefits will not be affected at all at this point, regardless of how big your paychecks are.
However, if you have not reached your FRA yet, you are subject to earnings limits.
Once you exceed those limits, you end up temporarily losing a portion of your Social Security benefit. Eventually, at FRA, benefits are recalculated based on the benefits you did not get. But, this still means you are not allowed to both earn a large paycheck and collect Social Security at the same time.
If your retirement planning relies on getting both a paycheck and benefits, you have to wait until FRA to claim Social Security, or limit what you earn.
How much can you work before you've hit your FRA?
So, how much can you work before your benefits are affected if you haven't reached FRA yet? It depends on whether you will hit your full retirement age at all during the year.
If you'll reach FRA at some point during the year but haven't yet, you can earn up to $65,160 before losing $1 for every $3 in extra income earned.
If you won't reach FRA at all during the year, then the limit is much lower. You can only earn up to $24,480. After that, you lose $1 for every $2 in extra earnings. These are the thresholds for 2026, and they're adjusted over time due to inflation.
You must be aware of these limits if you plan to work before FRA. If you were born in 1960 or later, your FRA is 67, so you will hit your full retirement age at that time. The rules will change, and you can work without consequence. Before that time, be prepared to either limit your earnings or see some of your Social Security checks disappear.
