With the markets down, and fear of dissipating retirement savings up, we thought to answer a question we’ve been asked in the past.  How much can you earn without reducing your social security benefits?  Let’s start by explaining that when you begin receiving Social Security retirement benefits, you are considered retired by the Social Security Administration’s (SSA). That means you can receive Social Security checks and still work at the same time. However, there is a limit to how much you can earn and still receive full benefits.  If you are younger than full retirement age and earn more than the yearly earnings limit, SSA may reduce your benefit amount.  If you are under full retirement age for the entire year, they 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, they deduct $1 in benefits for every $3 you earn above a different limit. In 2022, this limit on your earnings is $51,960. And, note, the SSA only counts your earnings up to the month before you reach your full retirement age, not your earnings for the entire year.  Take a look at today’s click through – it provides a lot of the information you may need, and call us, we’re always here to help.
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