But if you claimed Social Security early and are now thinking about going back to work, you'll need to be careful. Though you're allowed to start working again, earning too much money could cause your Social Security checks to shrink in the near term.

Starting in August, the Social Security Administration (SSA) will claw back overpayments, potentially reducing recipients’ checks by as much as half. Those who received a letter from the SSA regarding overpayment may need to rebudget their expenses as the agency moves to recoup excess funds.