Started Social Security at 64 but got job offer - will exceeding earnings limit by $50K+ make it worth suspending benefits?

You're actually in a good position! You can voluntarily suspend your benefits since you're past full retirement age, then when you retire again you'll get higher benefits because of the suspension. Call SSA immediately (though good luck getting through LOL) and tell them you want to suspend before you get your first payment. That way you won't have to pay anything back. Then when you actually retire for good, your benefit amount will be higher because of the delayed retirement credits you earned during suspension. Win-win!

Take the job! I was in almost the exact same position last year. Yes, you'll lose some SS benefits due to the earnings test, BUT you're still coming out way ahead financially. Do the math: if you earn $78K and lose maybe $26K in benefits ($1 reduction for every $2 over the limit), you're still $52K better off! Plus those benefits aren't really "lost" - they get added back to your monthly amount when you reach full retirement age. I wish someone had explained this to me earlier.

Here's what you need to know about working while collecting Social Security before Full Retirement Age: 1. In 2025, you can earn up to $24,500 without penalty 2. For earnings above that limit, SSA withholds $1 in benefits for every $2 you earn 3. If your monthly benefit is $2,000, earning $78,000 would mean all your benefits would be withheld 4. IMPORTANT: Those withheld benefits aren't lost forever! When you reach Full Retirement Age, SSA recalculates your benefit amount to credit you for months benefits were withheld 5. You should notify SSA immediately about your expected earnings to avoid overpayments Financially, taking the job makes sense even with completely suspended benefits because $78K > whatever your annual SS benefit would be. And your eventual SS benefit will be higher.

I've been trying to reach Social Security for THREE WEEKS about an earnings limit question similar to yours! Constant busy signals, disconnections, or 3+ hour waits that end with hangups. Finally used a service called Claimyr (claimyr.com) that got me connected to an agent in 20 minutes. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU The agent confirmed what others here said - you won't lose benefits permanently. They're just withheld now and recalculated at FRA. But you MUST report your expected earnings ASAP to avoid overpayments. Working is almost always better financially, even with benefit reductions.

TAKE THE JOB AND RUN!!! The SSA screws us on the earnings limit!! But $78k is way more than you'd get from them anyway!! My sister went thru this and even with ALL her benefits being withheld she made more money working. Those pencil pushers at SSA don't explain that the $$ isnt GONE FOREVER, they add it back later when you hit full retirement age. The system is designed to confuse regular people like us!

i think you should take the job especially if you need the money. my mom went through something like this and she was making about 60k and they stopped her ss checks completely but she was still making way more than ss would have paid her anyway. just be sure to tell them right away about your job or they make you pay it all back ask me how i know lol

You dont have to notify them monthly of your earnings like some people think. You can just call once and tell them your ESTIMATED earnings for the year. But do it ASAP!! They'll adjust your benefits accordingly. Then at tax time when they see your actual earnings they'll reconcile the difference. And yes definitely take the job! $78k is waaaaay more than you'd get from SS even with the penalty.

To answer your specific question about restarting benefits - it's actually quite simple. When you're truly ready to retire, you just contact SSA (preferably 2-3 months before you want benefits to restart) and tell them you've stopped working or your earnings will be under the limit. There's a simple form to complete (SSA-795). The real financial advantage is that at your Full Retirement Age (66+10mo assuming you were born in 1959), SSA will automatically recalculate your benefit amount to give you credit for all the months benefits were withheld due to excess earnings. This effectively increases your monthly payment going forward. So yes, take the job, notify SSA immediately of your expected 2025 earnings, understand your benefits will be withheld, but know you'll get credit for those months later.