You work and earn $31,240 ($10,000 more than the $21,240 limit) during the year. You are entitled to $800 a month in benefits. You are receiving Social Security retirement benefits every month in 2023 and you:Īre under full retirement age all year. Starting with the month you reach full retirement age, there is no limit on how much you can earn and still receive your benefits. If you will reach full retirement age in 2023, the limit on your earnings for the months before full retirement age is $56,520. In 2023, if you’re under full retirement age, the annual earnings limit is $21,240. We will recalculate your benefit amount to give you credit for the months we reduced or withheld benefits due to your excess earnings.Beginning with the month you reach full retirement age, your earnings no longer reduce your benefits, no matter how much you earn. Read our publication, “ How Work Affects Your Benefits,” for more information. This rule applies even if the beneficiary is not entitled to retirement benefits. Although the full retirement age for survivors benefits may be earlier, for AET purposes, we use your full retirement age for retirement benefits. If you receive survivors benefits, we use your full retirement age, for retirement benefits when applying the annual earnings test (AET) for retirement or survivors benefits. The special rule lets us pay a full Social Security benefit for any whole month we consider you retired, regardless of your yearly earnings. If your earnings will be more than the limit for the year and you will receive retirement benefits for part of the year, we have a special rule that applies to earnings for one year. We only count your earnings up to the month before you reach your full retirement age, not your earnings for the entire year. In 2023, this limit on your earnings is $56,520. In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. 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. If you are younger than full retirement age and earn more than the yearly earnings limit, we may reduce your benefit amount. However, there is a limit to how much you can earn and still receive full benefits. You can get Social Security retirement or survivors benefits and work at the same time. When you begin receiving Social Security retirement benefits, you are considered retired for our purposes. How Much Can I Earn and Still Get Benefits? If you receive survivors benefits, the additional earnings could help make your retirement benefit higher than your current survivors benefit.
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