Outside Earnings

It's the extra money you bring in while you receive Social Security benefits, if you retire early.

You had a really good day at the track, nailing the pick-six. You realize that, with the winnings, you have enough to retire...even though you're still only 63 years old.

You start your retirement early. You file the paperwork to begin receiving your Social Security. But, after a few weeks, life gets pretty boring. There are only so many fish you can catch, and only so many home improvement shows you can watch on TV.
So you get a part-time job working the counter at the Smoothie Hut. You earn $200 a week. For your Social Security, that money counts as outside earnings.

The term refers to money earned by retirees who continue to work while still receiving Social Security. It only applies to people who retire early, defined by the Social Security Administration as ages 62 to 65 (you can't retire and receive Social Security before 62).