Depending on the amount of money you earn in your career, you may be able to afford to live off your monthly Social Security check. However, if you did not earn high wages before your retirement, you may have to get a job to supplement your Social Security income. Factors such as age and when you showed up to collect Social Security retirement benefits are reflected in the amount of money you can earn while working part-time or full-time.
Before collecting retirement benefits from Social Security, you must earn a sufficient salary. Depending on the amount of gross wages you receive, the Social Security Administration gives you a work credit. In April 2011, to receive Social Security retirement benefits, you had to earn at least four work credits a year. The Social Security Administration records a work credit after you earn $ 1,200 in gross wages for one year. The maximum number of credits you can win in a year is four.
Year of full retirement
After reaching the year of your full retirement age, you can earn up to $ 37,680 in annual wages before the Social Security Administration deducts money from your monthly retirement check. Your full retirement age depends on the year you were born. For example, if you were born in 1937 or earlier, your full retirement age is at 65. If you were born between 1943 and 1954, your full retirement age is 66. If you were born in 1960 or later, you will reach retirement age at 67.
Full retirement age
Once you reach full retirement age, you will no longer have to report your wages to the Social Security Administration. You can also earn as much as you want while you work part time and / or full time and receive all your retirement benefits. If you wait until you reach full retirement age to receive Social Security retirement benefits, the amount of monthly benefits you will receive will not increase.