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Social Security Q&A: After 67, work on

 
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Published: October 26, 2008

Q: I am 67 and still working. Do I have to report my earnings to Social Security? Will my benefits be reduced?

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A: No and no. If you have reached your full retirement age, you do not lose benefits when you work. If you were receiving benefits before reaching full retirement age, at age 62 for example, your benefit payments would be reduced based on your earnings.

Benefits adjust with price index

Q: Once I retire, will my benefit amount be the same for the rest of my life?

A: Once you start receiving benefits, each year you will receive a cost-of-living adjustment (COLA) based on the rise in the consumer price index. And there is another way that your benefit might increase. If you work, you continue to pay Social Security taxes even though you are receiving benefits.

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Related Topics: Culture and Lifestyle, Social Services Funding, Public Finance, Federal Budget, Aging and the Elderly, Social Issues, Business, Economic Indicators, Economic Issues, Government Spending, Personal Finance, Cost of Living, Inflation Rate, Consumer Price Index, Government and Politics, Social Security Benefits, Economies, Lagging Economic Indicators



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