social security

Forum|Forum|1 year ago
June 26, 2024
2 replies
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If I draw Social Security at age 63 while continuing to work until full retirement at age 67, do I continue to contribute to Social Security through payroll deductions?

Ask the Experts - Retirement II - June 2024

DoninGA

Employee

Yes. There is no age limit for Social Security taxes being withheld from your taxable wages.

calliganAuthor

So, even if I work until I am 90 and start drawing Social Security at age 67, will I still pay into Social Security until I stop working?

ClarissaA1

Unless you are working in a job that isn't covered by Social Security (for example, a government-entity that has you contributing to a state pension fund instead of social security) you will continue to pay both Social Security and Medicare tax withholding on all of your wages even after you've started drawing your Social Security benefits.

The Social Security Administration will continue to verify your earnings and benefits information while you are working - your benefits could increase if you are in your highest earnings years at work. SSA FAQ: What happens if I work and get Social Security retirement benefits?

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calliganAuthor

nevermind

ClarissaA1

I'm not sure you call call it a negative financial impact, but continuing to work and drawing retirement benefits at the same time will likely result in a higher tax liability.
More income could limit your ability to access means-tested benefit programs (food assistance, housing assistance, etc.) However the flip side of the higher income from working and drawing social security benefits is you also have more available income to meet your needs.

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