![\"Serious](\"https:\/\/www.newsbeep.com\/ie\/wp-content\/uploads\/2026\/03\/senior-social-security-laptop-iStock-1169976759.jpg\")
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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by In the United States, full retirement age for Social Security depends on when you were born. As outlined by the Social Security Administration<\/a>, if you were born in 1958 or earlier, you\u2019re already eligible for your full Social Security benefit. If you were born between 1943 and 1954, the full retirement age is 66. It gradually increases for anyone born between 1955 and 1960 until reaching 67. And anyone born after 1960 can access full retirement benefits at 67. <\/p>\n Given this information, what are the benefits and drawbacks to working past full retirement<\/a> age? GOBankingRates reached out to an expert to get the answers. Here\u2019s what he had to say about Social Security and full retirement age<\/a>.\u00a0<\/p>\n Your Monthly Payment Will Rise<\/p>\n Geoff Knight, a tax expert and founder of FileTax<\/a>, said that the biggest advantage to working after full retirement age<\/a> is that your Social Security payment will be larger. <\/p>\n \u201cYour benefit increases approximately by 8% every year you do not claim it after your full retirement age to age 70. This forms a bigger stream of guaranteed income throughout the rest of your life,\u201d Knight said.\u00a0<\/p>\n You Can Save More Money for Retirement<\/p>\n Knight highlighted that workers aged 50 and above can add additional money into their retirement funds above and beyond the contribution limit. These are called \u201ccatch-up contributions<\/a>.\u201d The amount that can be contributed depends on the account, but as long as you\u2019re working, you can contribute. <\/p>\n \u201cThis extra saving time would greatly increase the security of retirement,\u201d Knight said.\u00a0<\/p>\n Your Social Security Earnings Are Still Taxed\u00a0<\/p>\n Just like your regular income, money you earn from Social Security is subject to taxes, and you can be taxed on up to 85% of your Social Security, depending on your earnings.<\/p>\n That 85% applies if you\u2019re filing single with more than $34,000 income. It also applies if you\u2019re married filing jointly with more than $44,000 in income, per Fidelity<\/a>.<\/p>\n Your Earned Income Might Change Your Tax Bracket\u00a0<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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