If one is on SS, works FT and puts say $20,000/yr in 401K, does that decrease the amount SS withholds for working more? I am thinking early retirement but want to continue working. I am 63, thought if so I would sign up for next year.
If you are putting $20k into a 401k it would be well worth your while to pay a for fee planner to get the correct answer for your situation.
My understanding is if you are younger than your full SS retirement age (I am 63 so my full SS retirement age is 66), and you are still working full time you can “collect” SS benefits, but you don’t actually “receive” them until you turn 66. I was told that SS holds on to it until you reach 66. Can someone out there who knows much more than I do comment on that?