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Retiring and collecting Social Security is a rite of passage for many.  But what happens when your retirement doesn’t go as planned?  People return to work after retirement for many reasons.  And often because of income.  If you decide to return to work and collect Social Security, you’ll need to know some facts to avoid penalties.  In this blog post, we’ll explore the decision to work and collect Social Security to help you with your retirement plan.


What is Social Security?

Social Security Benefit Claim image on Work and collect social security blog post on www.drgeorgenecollins.comBefore we dive into the idea of collecting Social Security while working, let’s review the basics.  Social Security is a federal program designed to provide financial support during retirement or some disabled.   Work credits and age determine eligibility for Social Security benefits.  And the good news is you can work and collect Social Security.  The not so good news is your benefits may be reduced, depending on when you claim Social Security.



Benefits of Working and Collecting Social Security

Contrary to common belief, working while collecting Social Security can have advantages.  It allows you to increase your income, preserve social connections, and contribute to your overall well-being. Also, it might not affect your benefits negatively in the long run.

Limits and Considerations of Working and Collecting Social Security

While there are advantages to working and collecting Social Security, there are also limits.  And the limits depend on whenSocial Security Claim Form Image on Work and Collect Social Security blog post on you start collecting Social Security.  For example, if you work and collect Social Security before full retirement age (FRA), your benefits may be reduced by $1 for every $2 you earn above the IRS limit.  The limit for 2023 is $21,240.  In the year you will reach full retirement age, your benefits may be reduced $1 for every $3 you earn above a different IRS limit.  For 2023, this limit is $56,520.  Once you reach full retirement age you will receive your full benefits regardless of your earnings from work.  Keep in mind, you will continue to pay Social Security tax on your earnings.  But this may help you increase your future benefits.


In conclusion, as a nurse, it’s important to have a good understanding of how work can impact your Social Security benefits as you plan for retirement. By being aware of the rules and limits, you can make informed decisions about your work and retirement plans.  Many people return to work after retirement.  And finding harmony between work and collecting Social Security is possible with careful planning.  Timing your work and benefit claims strategically can help optimize your overall benefits.  Consider speaking with a Financial Advisor or the Social Security Administration to help guide you to align your claiming strategy with your overall goals.

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These concepts were derived under current laws and regulations. Changes in the law or regulations may affect the information provided.

Categories: Retirement Income

Georgene Collins

Georgene Collins, RICP®, RN, PhD, MBA is a registered nurse turned Financial Advisor at Airey Financial Group. Georgene helps other nurses take control of their finances and prepare for retirement. Georgene began her career with Airey Financial Group in 2017 after retiring from 30 years in healthcare. Georgene holds the Retirement Income Certified Professional (RICP®) designation from The American College of Financial Services. She holds health and life insurance licenses and a long-term care certificate in Indiana and Illinois. Georgene is a Registered Representative and Investment Advisor Representative and has earned the FINRA Series 63 and 65 registrations.