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Ask Bob: At What Age Do Earnings Not Impact Social Security Benefits?

A reader has a question about when her husband can retire without impacting his benefits.

Question:

My husband wanted me to ask you something. He is 65 and will be 66 on October 16th this year. At what age can he retire and still work and not have to pay anything back to Social Security? 

Answer:

Once your husband reaches his full retirement age, he is able to work, collect Social Security, and does not have to give any of his benefit back to Social Security, says Ethan Gilbert, CFA®, CFP®, of Rockbridge Investment Management. This is because, based on a 66th birthday in October of 2021, he was born in 1955 and his full retirement age is 66 years and 2 months or in December of 2021. “For simplicities sake,” says Gilbert, “you may want to wait until 2022 for him to start taking Social Security.”

He explains there are two other things to keep in mind in making the decision to start taking benefits: “Most people want to delay taking Social Security if they are still earning an income, even if they are beyond full retirement age. If he does claim early, Social Security withholds some of the paycheck, but they do end up paying it back with interest once he reaches full retirement age so it’s not like the money is lost.”

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Email Robert.Powell@maven.io

Question:

My husband wanted me to ask you something. He is 65 and will be 66 on October 16th this year. At what age can he retire and still work and not have to pay anything back to Social Security? 

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