---
title: Working and Claiming Social Security...At the Same Time
description: The traditional arch of a person’s financial life is generally to work, save, retire, and make withdrawals from accounts to supplement retirement income.
image: https://www.letsassemble.com/hubfs/blog-files/working_and_collecting_social_security.png
---

[![Assembly Wealth](https://www.letsassemble.com/hs-fs/hubfs/Assembly/logos/Assembly-Wealth-Logo-Orange-500px.png?width=300&height=70&name=Assembly-Wealth-Logo-Orange-500px.png "Assembly Wealth")](https://www.letsassemble.com/)

The Money Manager People TM

[800-541-7774](tel:+18005417774)

[![RESEARCH MONEY MANAGERS](https://no-cache.hubspot.com/cta/default/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5)

[![Client Center](https://no-cache.hubspot.com/cta/default/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2)

[Home](https://www.letsassemble.com/)

WrapManager's Wealth Management Blog

When life changes, we can help you thoughtfully respond.

[< Back to read another post](https://www.letsassemble.com/wealth-management-blog)

# Working and Claiming Social Security...At the Same Time

Posted by [ Michael J. O'Connor | CWS®, Vice President Investments](https://www.letsassemble.com/wealth-management-blog/author/michael-j-oconnor)  
 November 8, 2017

- [Tweet](https://twitter.com/share)

![WM_working_and_collecting_social.png](https://www.letsassemble.com/hs-fs/hubfs/WM_working_and_collecting_social.png?width=404&name=WM_working_and_collecting_social.png)The traditional arch of a person’s financial life is generally to work, save, retire, collect Social Security and/or pension, and make withdrawals from IRAs/investment accounts to supplement retirement income. It’s a traditional arch, but it is also a steadfast one. 

However, did you know that you could actually continue working *and *collect Social Security at the same time? There are rules and stipulations for doing so, which we will get into below, but the short answer is that you can! This is good news, particularly given that an increasing percentage of people are choosing to work later into life, for a variety of reasons but mostly because they enjoy working and want to stay involved: 

[![older-americans-working.png](https://www.letsassemble.com/hs-fs/hubfs/Charts_for_Blogs/older-americans-working.png?width=727&name=older-americans-working.png)](https://www.letsassemble.com/hubfs/Charts_for_Blogs/Older-americans-in-the-workforce.pdf)

[Click here for a larger view.](https://www.letsassemble.com/hubfs/Charts_for_Blogs/Older-americans-in-the-workforce.pdf)

If you are one of these people who is – or has the desire to be – working later in life, then you should be aware of some of the rules for collecting Social Security while making an income. Knowing the rules could influence how much you work, and whether triggering Social Security payments is a good idea. 

#### **How Work Affects Your Social Security Benefits** 

The first step is to know your “full retirement age,” which generally speaking is between age 65 and 67, depending on what year you were born. To run a quick calculation, simply use the retirement age calculator provided by the [Social Security Administration](https://www.ssa.gov/planners/retire/ageincrease.html).  

If you’re at or older than full retirement age, then you can rest easy – you are eligible to collect your full Social Security benefit no matter what your earned income is. However, if you’re younger than the current retirement age and earn more than certain amounts, your benefits will be reduced, but not permanently! According to the Social Security Administration, your benefit will increase at your full retirement age to account for benefits withheld due to earlier earnings. 

The key calculation made by the Social Security Administration is:

- If you’re younger than full retirement age and working during all of 2017, and you claim Social Security, they will deduct $1 from your benefits for each $2 you earn above $16,920. 
- If you reach full retirement age during 2017, they will deduct $1 from your benefits for each $3 you earn above $44,880 until the month you reach full retirement age.1

Here’s how it works, as taken directly from the Social Security Administration (SSA): say you file for Social Security benefits at age 62 in January 2017, and your payment will be $600 per month ($7,200 for the year). During 2017, you plan to work and earn $22,000 ($5,080 above the $16,920 limit). The SSA would withhold $2,540 of your Social Security benefits ($1 for every $2 you earn over the limit). To do this, [they] would withhold all benefit payments from January 2017 through May 2017. Beginning in June 2017, you would receive your $600 benefit and this amount would be paid to you each month for the remainder of the year. In 2018, [they] would pay you the additional $460 withheld in May 2017.

In another example, say you weren’t yet at full retirement age at the beginning of the year, but reach it in November 2017. You earned $45,900 in the 10 months from January through October. During this period, we would withhold $340 ($1 for every $3 you earn above the $44,880 limit). To do this, we would withhold your first check of the year. Beginning in February 2017, you would receive your $600 benefit, and this amount would be paid to you each month for the remainder of the year. In 2018, [they] would pay you the remaining $260 withheld in January 2017.1 

#### **Social Security Can be Complicated – Reach Out to WrapManager for Help** 

There are other stipulations people need to be aware of, such as what to count as income/earnings and whether your spouse’s income factors into the equation. Sorting through the morass of Social Security and taxes can be exhausting. That’s why we would encourage you to reach out to a Wealth Manager here at WrapManager if you have questions or want to discuss your retirement income strategy. We’re here to help.

Reach out to us today at 1-800-541-7774 or start a conversation over email at [wealth@wrapmanager.com](mailto:wealth@wrapmanager.com).   

 

Source:

1. [Social Security Administration](https://www.letsassemble.com/hubfs/MM_Commentary_PDFs/Social-Security-How-Work%20Affects-your-benefits.pdf)

[Retirement Planning](https://www.letsassemble.com/wealth-management-blog/topic/retirement-planning)

[![Retirement-planning-strategy-ebook-CTA-large](https://no-cache.hubspot.com/cta/default/10700/c5ce76f4-6dc3-447f-9bc5-526eed4b84a4.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/c5ce76f4-6dc3-447f-9bc5-526eed4b84a4)

### Subscribe to Updates

[Subscribe to RSS Feed](https://www.letsassemble.com/wealth-management-blog/rss.xml)

[![New Call-to-action](https://no-cache.hubspot.com/cta/default/10700/ffe2a394-957b-481b-9f80-4ef176bd6aaf.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/ffe2a394-957b-481b-9f80-4ef176bd6aaf)

### Most Recently Published

### Blog Authors

[![Gabriel Burczyk](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381761-jpg/Athors_Avatars/Gabe-avatar.jpg "Gabriel Burczyk")](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk)

[**Gabriel Burczyk,**](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk)  
[Founder & CEO](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk)

[![Valerie De Vol](http://www.wrapmanager.com/hs-fs/hub/10700/file-2457588837-jpg/Athors_Avatars/Valerie-De-Vol-avatar.jpg "Valerie De Vol")](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol)

[**Valerie De Vol, **IACCP®  
Chief Operating Officer](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol)

[![Seton-avatar.jpg](http://www.wrapmanager.com/hs-fs/hub/10700/file-2344519198-jpg/Athors_Avatars/Seton-avatar.jpg "Seton-avatar.jpg")](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)

[**Seton McAndrews, **CFP®  
](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)[Vice President - Investments](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)

[![Doug Hutchinson](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381751-jpg/Athors_Avatars/Doug-avatar.jpg "Doug Hutchinson")](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)

**[Doug Hutchinson,](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) **[CFA®  
](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)[Director of Research and Trading](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)

![Katie - square.png](https://www.wrapmanager.com/hubfs/Katie%20-%20square.png "Katie - square.png")

[**Katie O'Connor  
**Director of Client Services](https://www.wrapmanager.com/wealth-management-advisors/katie-oconnor)

**Important Disclosure Concerning WrapManager Blogs**

Blogs found at this site have been created or supported by WrapManager. The information provided in a blog post prepared by WrapManager or an associated person of WrapManager is generally limited to financial and economic issues, but may include a discussion of general interest items. The views and opinions expressed on this blog are purely the blog authors, and not necessarily those of WrapManager, Inc. Certain blog posts include information pertaining to WrapManager’s investment advisory services and the products and services of unaffiliated money managers. Such information is provided for information purposes only. Accordingly, information provided in a blog should not be construed by any consumer and/or prospective client as a solicitation to effect or attempt to effect transactions in securities or the rendering of personalized investment advice. Any subsequent, direct communication by WrapManager with a prospective client shall be conducted by a representative of WrapManager. Moreover, no client or prospective client should assume content contained on the website serves as a substitute for personalized advice from WrapManager. Different types of investments involve varying degrees of risk, and there can be no assurance that any investment, portfolio or money manager referred to within the blog will be suitable for your individual situation and risk tolerance or will be profitable. WrapManager recommends that you retain a financial professional to provide you with specific guidance regarding your financial situation before investing. Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested.

Although the information included in the WrapManager, Inc. website and blog has been obtained from sources WrapManager believes to be reliable, we do not guarantee its accuracy and information may be subject to change without notice. This website should not be regarded as a complete analysis of the subjects discussed. Information on this site should not be relied upon as a substitute for legal, tax or accounting advice by a professional in your local jurisdiction.

Comments made by third parties are subject to moderation by WrapManager and may not appear on this blog until they have been deemed appropriate for posting. Also, due to the volume of comments received, not all comments will be posted.

WrapManager does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party website linked to WrapManager's web site or incorporated within a blog post. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

 

 

```json
{
  "@context" : "https://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Person",
    "name" : "Michael J. O'Connor",
    "url" : "https://www.letsassemble.com/wealth-management-blog/author/michael-j-oconnor"
  },
  "datePublished" : "2017-11-08T19:00:16.000Z",
  "headline" : "Working and Claiming Social Security...At the Same Time",
  "image" : [ "https://www.letsassemble.com/hubfs/blog-files/working_and_collecting_social_security.png" ],
  "mainEntityOfPage" : {
    "@id" : "https://www.letsassemble.com/wealth-management-blog/working-and-claiming-social-security-at-the-same-time",
    "@type" : "WebPage"
  },
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject",
      "url" : "https://www.letsassemble.com/hubfs/Assembly/logos/Assembly-Wealth-Logo-Orange-500px.png"
    },
    "name" : "Assembly"
  }
}
```