Drawing Social Security while working

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Q. I will be 63 next month. I currently am employed by the federal government with an annual salary of $40,000. I plan to retire next year with 40 years of service. Can I draw Social Security and still work at my present job?

A. You could; however, your Social Security benefit would be reduced by $1 for every $2 you earn above the annual earnings limit, which is $15,480 in 2014. That limit will continue to apply until the year in which you reach your full Social Security retirement age. At that point, $1 will be deducted for every $3 you earn above a different limit. In 2014, that limit is $41,400. There is no limit beginning in the month you reach full Social Security retirement age.

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