9. Weigh the cost of working while claiming benefits early
If you claim early and keep working, it can reduce your benefits until you reach full retirement age (FRA). If you are below FRA in 2019 and claiming, your Social Security checks will be reduced by $1 for every $2 you earn above $17,640. However, if you will reach your FRA in 2019, you can earn up to $46,920 before a penalty of $1 for every $3 earned above that level.
Earnings in or after the month in which you reach FRA do not face a penalty — which means there is no limit on what you can earn while receiving benefits once you reach full retirement age. You might decide it’s better to hold off collecting, given the penalty and the fact that your benefits will keep growing while untouched. Note: Any benefits withheld are not “lost.” You’ll get all the money withheld for a penalty back in bigger checks after you hit full retirement age, the SSA says.