To summarize what others have said: 1) At FRA, you can earn unlimited income without affecting your SS benefit amount 2) Additional income may increase your Medicare premiums via IRMAA 3) Additional income may increase the taxation of your SS benefits 4) IRMAA is based on your tax return from 2 years prior (with exceptions for life-changing events) Beyond the financial implications, many retirees find part-time work beneficial for mental stimulation, social connection, and purpose. Just structure your income carefully with tax planning in mind.

One thing to consider that hasn't been mentioned yet - if you do take on consulting work, make sure you understand the difference between employee vs. independent contractor status for Social Security purposes. As an independent contractor, you'll need to pay self-employment tax on your earnings (15.3% on net self-employment income up to the Social Security wage base). However, there's actually a small benefit here - any additional Social Security taxes you pay will be credited to your earnings record, which could potentially increase your future Social Security benefit slightly through the automatic recomputation process. It's usually a minimal increase, but every bit helps! Also, if you're consulting in your previous field, consider whether you can structure the work to give you more control over the timing of payments - maybe invoice in December vs January to help manage which tax year the income hits.

I'm new here but this is such helpful information! I'm turning 62 next month and was considering taking early retirement benefits while continuing to work part-time. Reading through all these responses really clarifies that my Social Security payments won't count against the earnings limit - only my work income will. I had been worried I'd have to choose between working and getting benefits, but now I see I can do both as long as I stay under the $22,300 gross earnings limit. Thanks to everyone who shared their experiences!

Great question and congratulations on getting approved! Just to reinforce what others have said - your Social Security benefits absolutely do NOT count toward the $22,300 earnings limit. Only earned income from employment counts (wages, self-employment income, etc.). One thing I'd add that hasn't been mentioned much is to keep good records of your earnings throughout the year. I recommend setting up a simple spreadsheet or even just writing down your gross pay from each paycheck so you can track where you stand relative to that $22,300 limit. It's easy to lose track, especially if your hours vary from week to week in part-time work. Also, remember that the limit is based on the calendar year, not when you start receiving benefits. So even though you're starting benefits in November, the $22,300 limit applies to your total earnings for all of 2025. Best of luck with your part-time work and enjoy those Social Security checks!

As someone who recently went through this exact process, I can confirm what others have said about legitimate stipends not counting toward the earnings test. I started collecting SS at 62 while continuing travel nursing part-time, keeping my taxable wages under the limit. One tip that helped me: I created a spreadsheet tracking my monthly taxable wages throughout the year to make sure I stayed under $22,320. Since travel nursing pay can vary by assignment, it's easy to accidentally go over if you're not monitoring closely. Also, when you do visit the SSA office, bring copies of a few recent paystubs showing the breakdown between taxable wages and stipends. This helped the representative understand my situation better and gave me more confidence in their answer. The visual really seems to help them grasp how travel nursing compensation works since it's not typical for most jobs.

I'm a retirement benefits specialist and want to clarify something important that hasn't been mentioned yet. While everyone is correct that legitimate travel nursing stipends don't count toward the Social Security earnings test, you need to be very careful about the IRS "tax home" requirement. For stipends to remain non-taxable, you must maintain a legitimate tax home (usually where you have ongoing financial obligations like rent/mortgage) and your travel assignments must be truly temporary (generally under 1 year). If the IRS determines you don't have a valid tax home or that an assignment isn't temporary, those stipends could be reclassified as taxable income retroactively. This would not only create a tax liability but could also push you over the SS earnings limit for years you've already collected benefits, potentially creating an overpayment situation. Make sure you're working with a tax professional familiar with travel healthcare workers to ensure your stipend structure meets all IRS requirements before making any SS decisions.

I appreciate all this information. I think I need to speak directly with SSA to get calculations specific to my situation, and also explore more caregiving options for Mom. The permanent reduction in benefits is making me reconsider if there might be better alternatives.

Have you considered looking into your state's Family and Medical Leave Act (FMLA) options or any state-specific caregiver support programs? Some states offer paid family leave that could give you time to care for your mom without permanently reducing your work hours. Also, you might want to explore whether your mom could do a "spend down" of her assets to qualify for Medicaid sooner - there are legal ways to restructure assets for Medicaid eligibility that a elder law attorney could help with. This could open up home care services without you having to take the permanent SS reduction. The math everyone's shared here really shows how costly that early retirement penalty can be over your lifetime!

another thing to think about is that once u hit full retirement age none of this matters anymore! at 67 u can earn as much as u want with no penalties. so maybe just wait til then if u can?? that's what my neighbor did with his business

Just wanted to add something that might help with your record-keeping - I use a simple phone app to track my hours in real-time while I'm working. Takes literally 2 seconds to start/stop the timer each day, and at the end of the month I have exact hours worked without having to guess or reconstruct from memory. For income tracking, I also recommend setting up a separate business checking account if you don't already have one. Makes it super easy to track monthly income and expenses when tax time comes around, and SSA loves clean records if they ever audit your monthly earnings. One more tip - consider getting your earnings estimate from SSA.gov before you start collecting. That way you'll know exactly what your monthly benefit will be, which helps with budgeting around the earnings limits. Good luck with your lawn care business!