I turn 66 in January 2022, starting collecting SS payments at 62. I am still employeed and have maintained the amount / not exceeded income limit from 62 until now. I am able to get an increase in pay from my employeer in January but my FRA is 66+4, which is April. What happens if I accept the raise in January? I plan to continue to maintain the income limit set by SSA with this raise, but need the money to afford necessities and living cost.

Hi. A substantially higher Social Security earnings test exempt amount applies in the year that you reach full retirement age (FRA), and only your earnings in the months prior to the month you reach FRA count toward the exempt amount limit. If you turn 66 in January 2022, then you'll reach your FRA in May 2022. What that means is that you can earn up to $51,960 in the first 4 months of next year, and an unlimited amount after that without losing any of your Social Security benefits. So, unless your raise would cause your salary to exceed $51,960 prior to May 1st of next year then you won't lose any benefits due to the increase.

Best, Jerry