I know you can collect SS at 62 and still work but only make up to 21K before penalties kick in.
Question: Do they still take out FICA taxes if you still work ? If so does it increase your benefit in the future.
Perpatriddle
Yes, they still take out all taxes so long as you work, regardless of collecting social security. If you earn more than your current highest 35 years of waged indexed earnings, yes it would in rease your benefit level.
Yes, they do. You can earn more without tax penalties if you deposit the excess into a 401K or IRA.
A lot of people don’t know this but those penalties aren’t lost forever. When you reach “full” retirement age they slowly add those penalties to your SS check so you do get it back eventually.
It is simpler, if you are still working, to wait on collecting until you hit “full” retirement age.