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СпутникиРНSpaceXРоскосмосNASAClaiming Social Security at 62 while still working triggers a little-known penalty that can gut your benefits before you ever see them. Investment income plays by a completely different set of rules, and three ETFs exploit that gap to keep cash flowing without the SSA touching a cent.
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You did the math and claimed Social Security at 62. Then you kept working and ran into the Social Security earnings test. Before full retirement age, Social Security can withhold $1 in benefits for every $2 you earn above the annual limit. That can significantly reduce the benefit you expected to collect alongside your paycheck.
Investment income is different. Dividends, interest, and capital gains generally do not count as earnings for the test. That creates another option for workers who claimed early but still want additional income: build a portfolio that generates cash without increasing earnings subject to the limit. Three ETFs can fill different roles in that strategy: JPMorgan Equity Premium Income ETF (NYSEARCA:JEPI), First Trust Rising Dividend Achievers ETF (NYSEARCA:RDVY), and Vanguard Utilities Index Fund ETF Shares (NYSEARCA:VPU).
The Problem the Earnings Test CreatesThe 2027 cost-of-living adjustment is tracking toward 3.1%, which helps a little, but that bump does nothing if the earnings test is taking half your excess wages right now. You need income that shows up on a 1099-DIV, not a W-2. That is what these three ETFs are built to deliver: dividends and distributions that replace the wages the earnings test is clawing back, without the SSA counting a penny of it against your benefit.
JEPI: Monthly Cash to Match Your Paycheck CadenceJEPI writes covered calls against a portfolio of low-volatility large caps and sells equity-linked notes for extra premium. In 2025, JEPI distributed $4.79992 per share across 12 payments. Through August 2026, monthly distributions have ranged from $0.34443 to $0.44761, with the past three averaging roughly $0.381 per share.
At a share price of $57.84, that provides considerably more current income than a traditional broad-market index fund. JEPI also charges a 0.35% expense ratio. Performance has been more measured, with the fund up 5.94% year to date and 11.23% over the past year.
That is the trade-off. JEPI is designed to give up some potential upside for current income. For an investor trying to supplement Social Security without generating additional earned income, that monthly distribution schedule can be useful.
RDVY: Dividend Growth to Outrun InflationRDVY takes a different approach. Rather than maximizing current yield, the fund screens for companies with a history of increasing dividends and the financial strength to potentially continue doing so.
The portfolio currently has meaningful exposure to semiconductor names, including Lam Research at 3.35%, Applied Materials at 3.14%, and KLA at 2.80%, alongside financial and industrial stocks. That gives RDVY more growth potential than a traditional high-yield dividend portfolio, but also more exposure to cyclical parts of the market.
The fund has $19.85 billion in assets, while its trailing four quarterly distributions totaled $0.6770 per share. More importantly, RDVY has delivered substantial capital appreciation, gaining 20.83% year to date and 30.05% over the past year.
For someone who claimed Social Security early, that combination can make sense. JEPI addresses current income, while RDVY gives the portfolio more opportunity to grow over time.
VPU: The Defensive AnchorVPU fills the defensive role. The fund tracks the MSCI US IMI Utilities 25/50 Index, providing broad exposure to U.S. electric, gas, and water utilities. These businesses tend to generate relatively predictable cash flows, making the sector a natural source of dividend income.
VPU charges just 0.09% annually. Its trailing four quarterly distributions total $5.1678 per share. At a share price of $189.77, that translates into a trailing yield of roughly 2.7%.
The fund is up 3.93% year to date and has gained 133.7% over the past decade. That return profile is considerably different from RDVY or JEPI, which is the point. VPU provides income without adding another aggressive equity strategy to the portfolio.
The Trade-OffNone of these funds eliminates the cost of claiming Social Security early or the impact of the earnings test. They simply provide another source of cash flow that generally does not count as earned income under the test.
Each fund also comes with a different risk. JEPI can lag during strong bull markets because of its options strategy, and its monthly distributions fluctuate. RDVY’s cyclical and semiconductor exposure can increase volatility during an economic downturn. VPU is particularly sensitive to interest rates, and dividends from any of the three funds can be reduced.
Still, the combination addresses the problem from three directions. JEPI provides higher monthly income, RDVY adds dividend growth and capital appreciation potential, and VPU provides a more defensive source of dividends. For someone who claimed Social Security at 62 and plans to keep working, that can provide supplemental income without adding to the wages counted under the earnings test.
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