You’ve probably thought carefully about when you want to sign up for Social Security, but you might not have thought as much about whether you should apply while you’re still working.
It’s a decision that deserves some real consideration
Claiming Social Security while you’re working has some upsides, but it can have drawbacks, too. Here are two advantages and two disadvantages to consider before deciding whether it’s right for you. Two advantages of working and claiming Social Security at the same time There are two main ways that working and claiming Social Security simultaneously can pay off for you: 1.
It could increase your future benefits Working more today could boost your future checks if you’re earning more from your job now than you did in years past. The Social Security Administration automatically reviews your earnings history each year, and if your 35 highest-earning years have changed, this could increase your benefit amount, leading to a boost beyond the annual cost-of-living adjustment (COLA). 2. It could increase your standard of living today Working while claiming Social Security could increase your monthly income, allowing you to live more comfortably than you could on either your Social Security benefits or income from your job alone.