Social Security Earnings Limit [UPDATED]

The Social Security earnings limit has changed. This is the maximum income you can earn before Social Security begins reducing your benefit! Understanding this limit can affect how hard you choose to work while taking Social Security. Afterall, why break your back to make another $1000 when your benefit will just be reduced? We'll help you understand how your benefit is reduced and what you should do if you've already started taking social security but should have waited.

Click here to get my FREE Cheat Sheet, Workshop, and other tools here:

The Medicare Family has been making Medicare and Social Security easy for 40+ years, across all 50 states. And each year, our family continues to help more and more people with how Medicare works, when to take Social Security, and how to find the best Medicare plans. We know that learning about your retirement benefits can be confusing. And it’s hard to find a trusted source of information. We get it! That’s the reason we do what we do.

#SocialSecurity

[TheMedicareFamily]

Let me know what you think about the video in the comments below!

[HaroldSimmons-mfep]

I just found out about the new Social Security earnings limit update and it completely threw me. I didn’t realize going over the limit could reduce my benefits so much. I’m trying to supplement my income in retirement, but now I’m worried I might be penalized for working too much.

[traceywhittaker]

Very informative and helpful information. I have been on the fence about taking my SS at 62. The information about the earning limit was helpful. I Google the income limit for 2024, the amount is $22, 320. Thank you for help. I will continue to watch your informative videos.

[havinganelvisday]

Love your videos. Love your clear voice and clarity. I subscribed and now am binging watching all your videos learning what to do when I retire in 7 years. Thank you

[HowToHaveFunOutdoors]

Retire at 62! Great video! Take it early and enjoy the Outdoors! Our channel can help you with that!

[markdecesare]

Very informative. Still plan to work until Age 67.

[solatle]

Wow, what a great short video. You answered my question, the answer to which eluded me for a long time: pension deduction is excluded from the income limit, 19500. Thank you!

[joelalm]

Thanks for the pod cast. Helping others help themselves understand this program. I hit the 👍 like button
Lot if good information you have given out. .Joel

[davidleigh]

Hi Sylvia, thanks for all your input on earnings limits for Social Security filers who have yet to reach FRA. I did call SSA today and here is what I learned. If one is 62 and not yet FRA and they file during the year where they have earned income, they will be subject to the monthly average of $1, 630 after they file. It does not matter how much money one has earned during the year of the filing before they file. Beginning the following year, the monthly average does not apply. Those filers will have the max of $19, 560 before the earnings limit penalty kicks in.

[wandkj]

All your videos are 💯 helpful watch you all the time 💪

[edcollinge]

Great info, my wife falls into this year collecting and working cashier should work out good for us, thanks

[tombodet]

All True and if you take it early and work over the max income amount, SS will withhold most of the $ till you reach full age and then return it month by month till you get it all back.

[romanhernz]

Hello 👋 I took my SS at 70 and you gain 8% per year !

[donreinholz]

Thanks for explaining all of the things that don't count towards wages for social security purposes. So it is 2 years behind on figuring your Medicare premium by your income amount.

[DM-wjcd]

Are yearly pensions part of the calculations for earnings limit? Or is just working salary dollars?

[Elizabeth-qcgi]

The problem in retiring at age 62 is you don’t qualify for Medicare Insurance. You have to pay for it. Here in CA, $30, 000 year income is not going to cut it.

[stevolene]

Can you draw and still work a full time job? My idea was to just put ssi in an investment plan and not touch it, however is ssi prorated as you get older? I’m 62 and very confused, there is no way I could survive on social security as my only income

[michaelhoapili]

does ss take the earnings overage all at once or through 12 payments for the year

[kenpsteele]

Back in 2018 I went over my earnings limit by $8000. I did start my social security at 62. I worked out a repayment plan with social security that I've been paying back for almost 4 years. I am now past my full retirement age of 67. Social security is still taking monthly payments out of my check each month. Will this stop or will I still continue to repay the overpayment until paid in full. Thanks, Ken

[Susan-clmy]

What is the earned income limit when you are in the year of FRA but before you reach the month?