Hidden Rules: What Happens to Your Benefit If You Keep Working in Your Late 60s
Confused by Social Security?
Here’s something very few retirees know: Your Social Security benefit can still increase after you start receiving it. If you keep working, Social Security automatically checks whether your recent earnings should replace a lower-earning year in your top 35-year record.
When Working Boosts Your Benefit
Your benefit may increase if your current earnings are higher than one of your “low years” (due to unemployment, part-time work, or caregiving). Social Security will recalculate your benefit automatically.
When Working Does Not Boost Your Benefit
If you already have 35 years of high earnings, additional work may have little or no impact.
Still working and unsure how it affects your benefits?
Let’s analyze your earnings record and projections.
What About Taxes and IRMAA?
Working in your late 60s can trigger higher taxes and IRMAA premiums. This is why the decision to work—and file—must be coordinated carefully.
About Author
Ray R. Harris
Ray R. Harris, RSSA®, partners with tax and legal professionals to provide specialized Social Security claiming analysis for high-net-worth clients aged 58–70. A former executive with an MBA and background in Finance, Ray mitigates liability for his partners by ensuring their clients optimize spousal benefits, tax efficiency, and lifetime income.
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