Goldman Is Building a $700 Million Dallas Campus. At 67, a Construction Worker Can Take the Job Without Losing Social Security, and the W-2 Could Raise His Benefit

At 67, he thought his construction years were over. Then a project like the new Dallas campus for Goldman Sachs (NYSE:GS | GS Price Prediction) gave him a reason to reconsider. Hundreds of workers are spending years on the roughly $700 million, 800,000-square-foot campus, which is expected to open in 2028.

He has already reached full retirement age (FRA) and collects Social Security. Now a contractor is offering him a year or two on the expansion, and his first question is the one most retirees ask: will the paycheck cost him his benefit?

It’s a fair question, and one that arises quite frequently. At 67, the rules work in his favor in two ways.

At 67, a Paycheck of Any Size Leaves His Check Alone

Social Security holds back benefits once wages pass an annual limit before you reach retirement age, which is $24,480 in 2026. Starting with the month someone reaches that age, the limit goes away, no matter how much the person earns.

At 67, he is already past full retirement age (FRA). So whether he makes $60,000 or $90,000 on the Goldman job, none of his benefit gets held back. He keeps both the paycheck and the Social Security check, best of both worlds.

Earnings Hopscotch

Your retirement benefit is based on your highest 35 years of earnings. Claiming doesn’t lock that record. Every year, Social Security reviews the earnings of people who keep working while they collect. If a new year ranks among their top 35, the agency recalculates the benefit. It then pays the increase, which usually shows up the following year.

Say one of his 35 included years is worth $40,000 after inflation adjustments. The Goldman project pays him $90,000 in wages covered by Social Security. The new year pushes out the old one and adds $50,000 to his 35-year total.

Spread over 35 years, that raises his average by about $1,429 a year, or roughly $119 a month. The formula then includes only part of that increase.

Because he turned 62 in 2021, his formula uses the bend points set that year. If the extra $119 falls in the 32% part of his formula, it adds about $38 a month to his basic benefit before the cost-of-living increases that have accumulated since then.

That raise lasts for the rest of his life, and every future cost-of-living increase builds on the larger check. The 2027 increase is currently tracking toward 3.5%-3.6%, based on forecasts.

If his record has gaps, the return is bigger. Replacing a zero year from a layoff or time off with a $90,000 year adds roughly $69 a month to his basic benefit at the same 32% rate, before subsequent cost-of-living bumps.

A big W-2 doesn’t raise his benefit automatically. Every one of his 35 included years may already be worth more than the new one after adjustments. If so, his benefit stays the same. Social Security also stops included earnings above $184,500 in 2026.

Wages and Taxes

The earnings limit is gone, but income tax still applies. It uses combined income: roughly your adjusted gross income (AGI) plus half your Social Security. A single taxpayer with combined income between $25,000 and $34,000 sees up to 50% of benefits taxable. Above $34,000, up to 85% can be taxed.

A $90,000 salary almost certainly puts him in the top tier. If his benefits were mostly untaxed before, the job adds tax on those benefits on top of the tax on his wages. Raising his withholding when he starts heads off a surprise bill in April (we cover this and three other tax traps that ambush people who ease back into work in a free semi-retirement guide here: Retire Twice).

What to Pull From His Record Before Signing On

1. His lowest counted years. His earnings statement at ssa.gov lists every year, and the lowest years in his top 35, after inflation adjustments, are the ones a new W-2 could replace.
2. His expected covered wages. Eighteen months on the project could replace two lowest years instead of one.
3. Whether the new pay beats the old. If it doesn’t top his lowest year, the job still brings in a paycheck but won’t raise his benefit.
4. His tax picture. He should estimate how much more of his benefit becomes taxable and set his withholding to match.

The hardest mistake to undo is turning down good work because of a rule that no longer applies. Past 67, a strong earnings year can’t stop his checks, and a year that beats a lowest one raises his benefit for life. For some of the people building Goldman’s campus, the return is a bigger Social Security check for good.

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