Seniors can work and receive Social Security benefits simultaneously. If a recipient is at full retirement age, he may receive any amount of wages without affecting his Social Security benefits. Seniors receiving benefits before full retirement age may see a decrease in their payments.
As of 2015, the earnings limit for those receiving early payments is $15,720. Any earnings above that limit reduce Social Security payments by $1 for every $2 earned. The year that a taxpayer reaches full retirement age, he can earn up to $41,880 in the months before his retirement, and earnings above that amount reduce payments by $1 for every $3 earned.