Working While Collecting Social Security Benefits [2024 Updates]

In this video, we’re discussing working while collecting Social Security benefits. If you’re not at full retirement age, and you are collecting early benefits, there are some limitations and COLA updates you need to know, otherwise you’re going to get penalized for working.

Social Security starts for most people at the age of 62 for early benefits, or age 60 for widows benefits or survivor benefits.

You can get Social Security retirement or survivor benefits and work at the same time – but there’s a limit to how much you can earn AND still receive your benefits.

If you're younger than full retirement age, like you just said 62, and earn more than what the yearly earnings limit is, Social Security may reduce your benefits.

According to the new 2024 Social Security Changes COLA Fact Sheet, the limit for 2024 is $22,320.

For 2023, the limit you're allowed to earn is $1,770 per month or $21,240 for the year.

If you go over the limit, the Social Security administration will deduct $1 of your benefits for every $2 that you earn above that limit.

There's a limitation on the amount of money that you can make in the year you reach full retirement age. That limit for 2024 is $59,520.

Social Security will withhold $1 in benefits for every $3 in earnings above that limit.

You can make as much as you want past full retirement age without any penalties to your benefits.

#socialsecuritybenefits #earlysocialsecurity #socialsecurityincrease #socialsecurity #retirementplanning

[charlesshephard]

At the end of your video you correctly said you get your money back if you go over the earnings limit….what you did not say was that it might take TEN Years to be fully repaid

[MariahWoods-uy]

Thank God I am over full retirement age!!

[springalot]

I am classified by the U.S. Dept of State as a "National" which is also identified as a Nonresident Alien by the IRS. As such, I am currently working full-time for a private company, and not the federal government. In the capacity of a "National" and a "Nonresident Alien, per the IRS I am not required to pay federal income tax, subsequently my employer does not withhold for federal income tax. Question: How does this affect my social security benefits if I continue to work full time and collect social security at 62? Since I'm not taxed as a Nonresident Alien, I assumed I could work and generate as much income and not be penalized if I go above the income limits established by the SSA? I am fully vested in SS and American born. I have a passport and I'm also retired military.

[stevek]

I was on a monthly earnings limit of 1770 in 2023.Does that limit change to 1860 for 2024.

[Mike-jp]

Does what you get from social security is that in the calculation

[Copicutretiree]

When they recalculate your earnings at full retirement age do they also readjust your highest 35 years ?

[jjerszy]

Is the earnings limit based on Box-3 of your W-2 statement?

[Thatsswell-hrev]

Hello! I have a question about working and applying for Social Security Surviving spouse Benefits.. I will be turning 60 next August. I have been a widow since 2017 and my late husband was collecting Social Security starting at age 62. Recently I visited my local Social Security office to ask questions about Social Security Surviving spouse benefits. I know the annual working income limit for 2024 is $22, 320 and it is $1, 860 monthly. I know that it is $1 taken out for every $2 over that limit. I told him I earned close to $50, 000 this year of 2023. When I do the Math I will get a little bit each month. Not much though. I was told not to apply because my income is too high. He suggested that I start working part time and in the future I can apply for benefits with a lower income.. Nowhere on the SSA website did I read that there is an absolute maximum income limit before you should not bother to even apply for benefits. He wouldn't do any calculations to see if I am eligible for anything. Was I given the correct information? Thanks.

[zandrafaison]

Is it ok if I make how much money I want a month as long as I don’t go over my yearly?

[Copicutretiree]

When they recalculate your earnings at full retirement age do they also readjust your highest 35 years ?