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How much money can you earn while receiving Social Security?

(NewsNation) — There is no limit on how much you can earn while receiving Social Security benefits if you have reached full retirement age, but if you choose to receive Social Security before that age, your benefits could be reduced. Here is what you need to know.

Social Security below full retirement age

If you are younger than the full retirement age, which is 67 for most, the annual earnings cap is $22,320 for 2024. After that, 50% of anything you earn over the cap will be held back from your Social Security.


The Social Security Administration deducts $1 from your Social Security check for every $2 you earn above the cap. For example, $23,320 of earnings would generate a $500 reduction in a person’s Social Security retirement benefit for the year.

Hitting full retirement this year?

If 2024 is the year you hit full retirement age, the income limit is $59,520, and 33% of anything over this limit will be held back from your Social Security check.

In this special case, the Social Security Administration deducts $1 from your Social Security check for every $3 you earn in the months before your birthday above the income limit.

This rule exists because in some cases, people who retire in the middle of the year have already earned above the limit.

However, you can still receive full Social Security checks for the remainder of the year after retirement if you earn less than $4,960 a month and don’t spend over 45 hours a month on a small business.

In the year after you hit your full retirement age, there is no limit on what you can earn while collecting Social Security retirement benefits.

What counts as income?

The Social Security Administration considers the following things as income when determining whether any benefits need to be withheld.

The following things don’t count as income when determining whether a person exceeded their income limit:

How to find your full retirement age

A person’s full retirement age is the age they are entitled to receive their full Social Security benefit. If you choose to begin receiving benefits before that age, the Social Security Administration can permanently reduce your monthly check by up to 30%.

The administration determines an individual’s full retirement age based on the year they were born. For many, that age is 67.

To check your full retirement age, refer to the guide on the Social Security Administration’s website.