Ask Larry

I can retire early in Aug. I know how much I will be earning. But I have been working on social media and what if it takes off and I make good money at it? I understand that while I am retired early that extra money will be taken out of my retirement. But what about when I get to full retirement? Will I then be able to earn as much as possible, or am I stuck with the small amount allowed with early retirement?
Daniel

Hi Daniel,

The Social Security earnings test (https://www.ssa.gov/planners/retire/whileworking2.html) only applies to benefits payable prior to full retirement age (FRA). So, once you reach FRA, you can earn any amount and still receive all of your Social Security benefits. However, if you draw benefits prior to FRA you'll continue to receive a reduced benefit rate for as long as you live.

You may want to strongly consider running the maximization software available on this website in order to explore your filing options and determine your best strategy.

Best, Jerry