10 Reasons You Could Get Less Social Security

8. You Have Additional Income

Individuals who collect Social Security might have to pay taxes on up to 85 percent of it if the individuals earn taxable income from another source, such as a job or investment dividends. You’ll pay tax on as much as half of your Social Security benefit if your total income falls between $25,000 and $34,000.

You’ll pay tax on the full 85 percent with more than $34,000 in income. A married couple filing a joint return will pay tax on 50 percent of their benefits with combined income of $32,000 to $44,000, and they’ll pay tax on 85 percent with income of more than $44,000.

Earning money can also reduce your benefits. In 2018, workers will lose $1 in benefits for each $2 they earn above $17,040, but only until they reach full retirement age. On the other hand, it’s possible that your earnings will eventually increase your Social Security benefit, and even if it doesn’t, the money you earn could give your retirement savings a boost.