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How Work Affects Your Benefits
https://www.ssa.gov/pubs/EN-05-10069.pdf
How Work Affects Your Benefits
Social Security Administration (SSA.gov)
You can get Social Security retirement or survivors benefits and work at the same time. However, if you're younger than full retirement age (FRA) and earn more than certain amounts, your benefits will be reduced. The amount reduced isn’t lost; your benefit will increase at your full retirement age to account for benefits withheld due to earlier earnings.
Spouses and survivors receiving benefits due to caring for minor children or those with disabilities won’t see their benefits increase at FRA if benefits were withheld due to work.
Note: Different rules apply if you receive Social Security disability benefits or Supplemental Security Income (SSI). Additionally, special rules exist if you work outside the U.S.
How Much Can You Earn and Still Get Benefits?
If you were born January 2, 1960, or later, your full retirement age is 67. Once you reach FRA or older, you can keep all of your benefits regardless of your earnings. If you are younger than FRA, earnings limits apply.
- For 2024, if you are younger than full retirement age throughout the entire year, $1 will be deducted from your benefits for every $2 you earn above $22,320.
- If you reach FRA in 2024, $1 will be deducted for every $3 you earn above $59,520, until the month you reach FRA.
Examples of How Earnings Impact Benefits
Example 1:
If you file for Social Security at age 62 in January 2024 with a monthly benefit of $600 ($7,200/year) and earn $24,920, your earnings exceed the $22,320 limit by $2,600. Social Security would withhold $1,300 from your benefits ($1 for every $2 over the limit), withholding your benefits from January to March 2024. From April onward, you’ll receive your full $600 monthly benefit. The $500 withheld in March would be returned to you in 2025.
Example 2:
If you reach full retirement age in November 2024 and expect to earn $63,000 from January to October, $1,160 would be withheld ($1 for every $3 earned over the $59,520 limit). Benefits would be withheld for January and February, and beginning in March, you’ll receive your full $600 monthly benefit. The remaining $40 withheld would be returned in 2025.
Earnings and Benefit Estimates for 2024
For those younger than full retirement age:
| Monthly Benefit | Annual Earnings | Yearly Benefits |
|---|---|---|
| $700 | $22,320 or less | $8,400 |
| $700 | $24,000 | $7,560 |
| $700 | $26,000 | $6,560 |
| $900 | $22,320 or less | $10,800 |
| $900 | $24,000 | $9,960 |
| $900 | $26,000 | $8,960 |
| $1,100 | $22,320 or less | $13,200 |
| $1,100 | $24,000 | $12,360 |
| $1,100 | $26,000 | $11,360 |
What Counts as Earnings?
- Wages: Only your wages (not other income like pensions, investments, etc.) count towards the earnings limits.
- Self-employment: Only your net self-employment earnings are counted.
- When counted: For wage earners, income counts when earned, not paid. For the self-employed, income counts when received.
Special Rule for First Year of Retirement
In your first year of retirement, you can receive full Social Security benefits for any month you're retired, regardless of your total yearly earnings. In 2024, you are considered retired if your monthly earnings are $1,860 or less.
Will Your Benefits Increase Later If Withheld Due to Work?
Yes. If benefits are withheld due to earnings, your benefit will increase starting at FRA, accounting for months when benefits were withheld.
Contacting SSA
- Online: The most convenient way to get information or use services is through SSA.gov.
- Phone: Call toll-free at 1-800-772-1213 (TTY: 1-800-325-0778). Representatives are available Monday to Friday, 8 a.m. to 7 p.m.
Publication No. 05-10069 | January 2024
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