If you’re planning your retirement, you might want to postpone that.
While we can start collecting Social Security retirement benefits at age 62, it’s just a portion. If you were born after 1937, you’ll have to wait until age 66 or 67 for full retirement benefits. If you postpone that to age 70, you’ll get about an 8% bonus for every year you don’t collect.
If you’d like to “retire” and keep working, you can – but it will cost you. For every two dollars you earn, one dollar will be deducted from your Social Security retirement benefits before full retirement age. Once you’re eligible for full retirement benefits, you won’t be penalized for working in retirement.
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