Drawing Social Security while working


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.


About Author

Reg Jones was head of retirement and insurance policy at the Office of Personnel Management. Email your retirement-related questions to fedexperts@federaltimes.com.

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