2. Work and collect Social Security
If you’re working and collecting Social Security while younger than full retirement age you’ll face something called the earnings test, says Mike Piper, author of Social Security Made Simple.
“The earnings test results in your benefit being withheld and eventually recalculated – that is, adjusted upward - upon reaching full retirement age, says Piper.
So, for example, if a person files 40 months prior to full retirement age, and the earnings test results in their benefit being fully or partially withheld for 22 months, then once they reach full retirement age, their benefit would be adjusted to what it would be if they had only filed 18 months early, rather than 40, says Piper.