How Part-Time Work May Affect Social Security Benefits

​For more than two decades, certified retirement financial advisor and veteran financial planner Darcy Bergen has specialized in providing clients with conservative financial and retirement planning products. Darcy Bergen, president of Bergen Financial Group, also delivers professional advice on his weekly radio program, Smart Money. 

More than 50 percent of Americans continue to work part-time after they qualify for early Social Security and Medicare benefits. Depending on the amount of money retirees earn, part-time work may lower Social Security payments. 

As of 2018, the income cap for early retirees is just over $17,000 per year. Any income above that amount is deducted from Social Security payments at a ratio of $1 for every $2 earned. 

Older workers collecting Social Security must be meticulous about reporting their income to the Social Security Administration. Any overpayment of Social Security funds must be paid back.

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