Today, Social Security gives the average retired worker $23,000 a year. That amount of money is not enough for many people to live comfortably.
So, you might be thinking about adding to your monthly Social Security benefits with the money you make from your part-time job. There are benefits to working after retirement, even if you are not having trouble with money.
It gives you a reason to leave the house, for starters. A lot of retirees also miss the social interactions that come with working in an office. Go back to work if it gives you someone to talk to. It might help your mental health in some way.
Right now you should know that you can work and get Social Security at the same time. One thing to keep in mind is that if you work, you might lose some of your Social Security checks.
After you turn 66, you do not have to worry about how the money you make from a job will affect your Social Security benefits.
If the money you make from a job counts toward your 35 highest-paying years, it can make your monthly payments go up. However, this benefit is good, not bad.
List of retirees who could lose their Social Security benefits in 2025
It is important to know that you will have to pay the earnings-test limit if you choose to work and get Social Security before you reach full retirement age.
If you go over that limit, some of your Social Security benefits might be taken away. The earnings-test limits for Social Security change every year. But here’s what you need to know about 2025.
- If you have not achieved full retirement age and will not do so within the following year, your earnings-test limit is $23,400. Aside from that, you will have $1 in Social Security withheld for every $2 of income.
- If you haven’t achieved full retirement age by the beginning of 2025 but will do so sometime next year, your earnings-test limit is $62,160. From then on, Social Security will withhold $1 for every $3 of income.
In any case, you should know that benefits that were lost and benefits that were not given are not the same thing. When you reach full retirement age, those payments that were held back are added back to your Social Security checks.
For example, if your goal is to get ahead financially, you might not be able to do so if your wages are high enough to keep some of your Social Security payments.
Because of this, you should know about the limits on the earnings test and, if necessary, change the hours you work to fit them.
Working after retirement has a lot of benefits, so you should not avoid it because of the problems we have already talked about.
In reality, you have a good amount of time to get a job in 2025 and make money without having to worry about having some of your Social Security taken away.
For whatever reason, you have no reason not to look for a job if you think that working would be a good fit for you.
When will beneficiaries receive their Social Security benefits in 2025?
The 2025 Social Security payment schedule says that people who are eligible will start getting their higher benefits in January 2025. To find out more about the amounts of the next payments, please read the following:
January
- On January 3, eligible RSDI beneficiaries who claimed benefits before May 1997 will receive their payments on that date.
- On January 8, those who applied for benefits after May 1997 and were born between the 1st and 10th will receive their monthly benefits on that date.
- On January 15, those who applied for benefits after May 1997 and were born between the 1st and 10th will receive their monthly benefit on that date.
- On January 22, those who applied for benefits after May 1997 and were born between the 1st and 10th will receive their monthly benefits on this date.
- On January 31, SSI recipients will receive their benefits on this date regardless of their date of birth.
Leave a Reply