early retirement penalties

[mikel675]

i retired early at age 62 (3 years ago). i have continued to work each year earning the max allowed. this past year, 2021, i earned $45,000 (as a respiratory therapist during covid i was able to work significantly more at a higher rate of pay). i do understand that i will be penalized by SS because "they paid me too much for 2021" and I will have reduced benefits in 2022 as a result. my current financial plan this year will probably gross somewhere around $100,000 (covid pay). my FRA is Jan 2023. my basic understanding is that once i reach FRA, my income is no longer capped by the government. my question is this - what effect will the $100,000 additional income from 2022 have on my SS benefits in 2023? will it count against my 2023 benefits since i earned it in 2022? any insight is greatly appreciated.

 

[pacergal]

Not an expert on SS, but my question is why did you apply for SS and continue to work?
If you plan on earning $100,000 this year, I would not be taking SS.

 

[Dtail]

IIRC, any holdback of SS benefits in prior years is eventually paid to you, but not sure of other details.

 

[mikel675]

Not an expert on SS, but my question is why did you apply for SS and continue to work?
If you plan on earning $100,000 this year, I would not be taking SS.

why not retire at 62, draw ss and continue to work some. gross was about $40K doing that. my wife recently had surgery and we owed $8,000 (Obama care ins) so i went back to work fulltime to pay all the medical bills. she needs another surgery this year (another $8,000 out of pocket) so I jumped at the opportunity to make some covid $$ and pay them off as well as store up some nuts for the winter financial months to come. I will not qualify for SS this year due to my gross income last year.