What happens if you work and get Social Security retirement benefits?

November 4, 2022 Angelo Castelda Stimulus Check 0

What happens if you work and get Social Security retirement benefits?

Did you know Americans can get Social Security retirement benefits and work simultaneously? However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your use. Starting with the month you reach full retirement age, we will not reduce your help no matter how much you earn.

  • We use the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.

For 2022 that limit is $19,560.

  • In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.

If you reach full retirement age in 2022, the limit on your earnings for the months before full retirement age is $51,960.

Starting with the month, you reach full retirement age, you can get your benefits with no limit on your earnings.

Use our Retirement Age Calculator to find your full retirement age based on your date of birth.

Use our Retirement Earnings Test Calculator to determine how much your benefits will be reduced.

What counts as earnings:

When we figure out how much to deduct from your benefits, we count only the wages you make from your job or your net earnings if you’re self-employed. We include bonuses, commissions, and vacation pay. We don’t count pensions, annuities, investment income, interest, veterans, or other government or military retirement benefits.

Your benefits may increase when you work:

If you continue to work, even if you receive benefits, you will continue to pay Social Security taxes on your earnings. However, we will check your record every year to see whether your additional earnings will increase your monthly benefit. We will send you a letter with your new benefit amount if there is an increase.

Source

Related Stories:

Social Security will increase in 2023Social Security 2022: Check eligibility for spouse’s benefits and your retirement benefits Maximum Social Security Benefit 2023: Who is eligible and all other detailsHas the Social Security retirement age increased? When will you get your inflation relief check? California announces new dates for debit cardsSocial Security COLA: Recent COLA Increase Might Be Reason To Collect Benefits Early Social Security Benefits: You Should Wait Until 70 To Claim Maximum BenefitsSocial Security Benefits: You Should Wait Until 70 To Claim Maximum Benefits Retirees with Only Social Security Benefits Don't Have to Pay TaxesRetirees with Only Social Security Benefits Don’t Have to Pay Taxes Social Security Filing Options: What You Need to Know Before You Claim Your BenefitsSocial Security Filing Options: What You Need to Know Before You Claim Your Benefits Some Social Security Benefits May Be Forfeited For Retired People In These 13 States Social Security Check: Direct Monthly Payments Of $1,681 Will Be Made In Just Three Days
About Angelo Castelda 99 Articles
Angelo Castelda works as a feature writer in Asia. In his free days, he likes to read books and magazines about the latest architectural news and trends. This ultimately made him fall in love with architecture and now spends most of his time writing about it.