Earning too much income as an early retiree
If you decide to go the early retirement route, you should think twice about continuing to work while receiving Social Security benefits. In 2019, if you are younger than your full retirement age but old enough to have started taking Social Security, you can only earn $17,640 before a portion of your benefits is withheld.
In that situation, the government reduces monthly benefits by $1 for every $2 earned above that amount.
If you’ll hit your full retirement age this year, you can earn up to $46,920 in the months leading up to your birthday. Exceeding that amount means the Social Security Administration will take $1 for every $3 you earn over the limit.
Fortunately, these aren’t permanent reductions in your benefits, and, starting with the month you reach full retirement age, there is no limit on how much you can earn. In addition, any benefits withheld because of your earnings will be added back to your benefits each month starting at your full retirement age.
1 thought on “10 Things That Can Hurt Your Social Security Payments”
CROOKS ARE IN CHARGE that just need to F==K with seniors….it would be easier on their POLITICS…If all old people my GENERATION..1938— WOULD JUST DIE