On the other hand, you can delay benefits beyond your FRA, increasing your checks. You can get up to 124% of your full benefit by check if you wait until age 70 to sign up. Postponing this point won’t give you any extra checks, so be sure to sign up by your 70th birthday.
2. You owe Social Security taxes on more income
It’s a popular misconception that you pay Social Security taxes on all of your income. For most people that is true. But for high earners, only part of their salary helps their future Social Security Benefit.
In 2021, you paid Social Security taxes on the first $142,800 you earned. In 2022, this limit will increase slightly to $147,000.
3. You can earn more from your job before giving up benefits
There’s no rule that says you can’t sign up for Social Security benefits while you’re still working. But this can have unintended consequences if you fall under your FRA.
If you stay below your FRA for all of 2022, you will lose $1 for every $2 you earn above $19,560. This is a slight increase from 2021, when you could only earn $18,960 before the government started taking a bite out of your Social Security checks.