Working with Social Security

My university offers tenured faculty over the age of 60 two retirement options: (1) a buyout, where the faculty gets a full year’s worth of salary and benefits in exchange for immediate retirement and (2) phased retirement, where the faculty can choose reduced salary (70%, 50% or 30%) with reduced responsibilities for up to five years.

I chose phased retirement because (a) I wasn’t ready to quit cold-turkey and (b) I wanted to max out my Social Security. I’m glad I did.

There’s a third option that I didn’t take, but many Americans are taking: working for reduced salaries while taking Social Security benefits at the same time.

“Claiming Social Security while still working isn’t an outlier these days.

“It’s pretty common, according to a recent report by the Center for Retirement Research at Boston College, which found that 2 in 5 people combine work and benefits for at least some period of time.”

https://finance.yahoo.com/news/working-while-collecting-social-security-the-slow-fade-to-retirement-more-people-are-choosing-143051347.html

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