Ask Larry

Can I Collect Social Security And Work Part-Time And Contribute Those Earnings To A 403B Plan?

Can I collect social security and work part time and contribute those earnings to a 403B plan. Will The earnings that I am contributing to the 403B affect the social security benifit or taxation?

Hi,

I don't know much about 403B plans or income taxes, so I can't answer that part of your question. As for drawing Social Security benefits, if you are at least full retirement age (https://www.ssa.gov/planners/retire/retirechart.html) there is no limit on the amount you can earn and still draw benefits. If you are under full retirement age your benefits would be subject to partial or full withholding if you earn in excess of the earnings test exempt amount, which changes each year (https://www.ssa.gov/planners/retire/whileworking2.html). The exempt amounts for 2018 are set at $17,040 for people who will be under age 66 all of next year, and $45,360 for people turning age 66 in 2018.

Best, Jerry

Category: 
Posted: 
Dec 26 2017 - 6:47am
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.