Can you work if you draw social security? This is a common question among individuals who are receiving or are considering applying for social security benefits. The answer to this question is not straightforward and depends on various factors, including the type of social security benefit you are receiving and the specific rules and regulations set by the Social Security Administration (SSA). In this article, we will explore the different scenarios in which you can work while receiving social security benefits.
Social security benefits are designed to provide financial assistance to individuals who are retired, disabled, or have lost a family member who was the primary breadwinner. The SSA offers several types of benefits, including retirement, disability, survivors, and Supplemental Security Income (SSI). Each type of benefit has its own set of rules regarding employment.
Retirement Benefits
Retirement benefits are available to individuals who have reached their full retirement age (FRA) and have accumulated enough work credits. If you are receiving retirement benefits and work, your benefits may be affected. However, the SSA allows you to earn a certain amount of income before your benefits are reduced or suspended.
For individuals under the age of 66, the SSA allows you to earn up to $18,960 per year without any reduction in your benefits. If you earn more than this amount, your benefits will be reduced by $1 for every $2 you earn over the limit. Once you reach your FRA, the SSA allows you to earn up to $50,520 per year without any reduction in your benefits. After reaching your FRA, the SSA reduces your benefits by $1 for every $3 you earn over the limit.
Disability Benefits
Disability benefits are available to individuals who are unable to work due to a medical condition that is expected to last at least one year or result in death. If you are receiving disability benefits and work, your benefits may be affected. However, the SSA has a trial work period that allows you to work for a limited time without affecting your benefits.
During the trial work period, which lasts for nine months, you can earn as much as you want without affecting your benefits. After the trial work period, your benefits may be reduced or suspended if you earn more than the SSA’s limit, which is currently $1,310 per month.
Survivors Benefits
Survivors benefits are available to the surviving spouse, children, or parents of a deceased worker. If you are receiving survivors benefits and work, your benefits may be affected. However, similar to retirement and disability benefits, the SSA allows you to earn a certain amount of income before your benefits are reduced or suspended.
For individuals under the age of 60, the SSA allows you to earn up to $18,960 per year without any reduction in your benefits. If you earn more than this amount, your benefits will be reduced by $1 for every $2 you earn over the limit. Once you reach age 60, the SSA allows you to earn up to $50,520 per year without any reduction in your benefits. After reaching age 60, the SSA reduces your benefits by $1 for every $3 you earn over the limit.
Supplemental Security Income (SSI)
SSI benefits are available to individuals who have limited income and resources. If you are receiving SSI benefits and work, your benefits may be affected. However, the SSA allows you to earn a certain amount of income before your benefits are reduced or suspended.
For individuals who are blind or disabled, the SSA allows you to earn up to $1,820 per month without any reduction in your benefits. For individuals who are aged, the SSA allows you to earn up to $1,350 per month without any reduction in your benefits. If you earn more than these amounts, your SSI benefits may be reduced or suspended.
In conclusion, whether you can work while receiving social security benefits depends on the type of benefit you are receiving and the specific rules and regulations set by the SSA. It is essential to understand these rules to ensure that you do not inadvertently affect your benefits. For more information, you can contact the SSA or consult with a financial advisor.
