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Can I work and Collect Social Security? Will There Be a Penalty?

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Manage episode 364911450 series 2891513
Content provided by Scott Sierens. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Scott Sierens or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

In this episode, we dive into a common question: Can you work and receive a wage income while collecting Social Security? The answer may surprise you, as it's yes, maybe, and no. Join us as we explore each response in detail, discussing whether your benefits would be reduced and uncovering ways to reclaim any deductions. Additionally, we'll discuss four key ingredients to consider when deciding the optimal time to take your Social Security benefits.

Here's what we’ll discuss in this episode:

  • The three important periods of time to understand when it comes to Social Security. (2:33)
  • Time period 1: Deductions prior to your full retirement age. (8:54)
  • Time period 2: Deductions in the year of your full retirement age. (10:14)
  • Time period 3: Once you reach your full retirement age, there are no longer any deductions when collecting Social Security. (14:12)
  • Deducted benefits don’t go away forever. (16:00)
  • So, when should I take Social Security? (20:04)

Want to get in touch?

Web: https://sierensfinancialgroup.com/

Email: office@sierensfinancialgroup.com

Phone: 847-235-6989

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

  continue reading

147 episodes

Artwork
iconShare
 
Manage episode 364911450 series 2891513
Content provided by Scott Sierens. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Scott Sierens or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

In this episode, we dive into a common question: Can you work and receive a wage income while collecting Social Security? The answer may surprise you, as it's yes, maybe, and no. Join us as we explore each response in detail, discussing whether your benefits would be reduced and uncovering ways to reclaim any deductions. Additionally, we'll discuss four key ingredients to consider when deciding the optimal time to take your Social Security benefits.

Here's what we’ll discuss in this episode:

  • The three important periods of time to understand when it comes to Social Security. (2:33)
  • Time period 1: Deductions prior to your full retirement age. (8:54)
  • Time period 2: Deductions in the year of your full retirement age. (10:14)
  • Time period 3: Once you reach your full retirement age, there are no longer any deductions when collecting Social Security. (14:12)
  • Deducted benefits don’t go away forever. (16:00)
  • So, when should I take Social Security? (20:04)

Want to get in touch?

Web: https://sierensfinancialgroup.com/

Email: office@sierensfinancialgroup.com

Phone: 847-235-6989

Read more and get additional financial resources here: http://lifemoneyshow.com

Check out our YouTube channel: https://www.youtube.com/channel/UCPhQ-u12d60Z0HNCwwVubdQ

  continue reading

147 episodes

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