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If I turn 70 years old and begin collecting Social Security benefits and continue working, will my income impact the calculation of my benefits?

I will turn 70 years old in mid-2019. I then plan to collect Social Security. As I am still working (self-employed), will my income impact the calculation of my benefits?

Financial Planning, Social Security
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October 2018

I am not sure that I correctly understand the intent of your question, since I interpreted it differently than others who offered responses.

As other responders have indicated, if you keep working at a higher enough salary, this may increase your lifetime earnings average, and therefore increase your retirement benefits in future years.

However, I thought that you might  be asking about the penalty for working while receiving SS retirement benefits. Because you are over Full Retirement Age, that penalty would NOT apply to you. 

In case folks who are under Full Retirement age might read this, I will give a brief explanation of the penalty:

Before reaching full retirement age, the money you earn over a certain amount each year may reduce your Social Security retirement benefits. For the year 2018, this limit on earned income is $17,040 ($1,420 per month). If you are collecting Social Security retirement benefits before full retirement age, your benefits are reduced by $1 for every $2 you earn over the limit. Once you reach full retirement age, there is no limit on the amount of money you may earn and still receive your full Social Security retirement benefit.

Here is a link to additional information on the SS website; https://www.ssa.gov/planners/retire/whileworking.html

Hope this provides some clarity!

My best,


October 2018
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October 2018
October 2018