how much can i earn while on social security in 2024
The amount you can earn while receiving Social Security benefits depends on various factors including your age, your full retirement age (FRA), and whether you've reached your FRA or not.
If you have not yet reached your full retirement age:
- For 2024, if you are under your full retirement age for the entire year, Social Security deducts $1 from your benefits for every $2 you earn above the annual limit. For 2024, the earnings limit is $19,560 per year ($1,630 per month).
If you will reach your full retirement age during 2024:
- Social Security deducts $1 in benefits for every $3 you earn above a different limit, but they only count earnings before the month you reach your full retirement age. If you will reach your full retirement age in 2024, the earnings limit is $51,960 for the months before you reach full retirement age. They deduct $1 from your benefits for each $3 you earn over that limit.
Once you reach your full retirement age:
- There is no limit on earnings, and Social Security will not reduce your benefits regardless of how much you earn.
It's essential to note that these limits are subject to change, so it's a good idea to check with the Social Security Administration or a financial advisor for the most up-to-date information.
Post a Comment