So you want to take your social security early. How much can you earn max before they’ll reduce your social security? Let’s look at the earned income limits for 2023.

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Social Security Earned Income Limits Explained (2023)

Social Security is an essential safety net for many Americans, providing income in retirement or in the event of disability. However, for those who continue to work while receiving Social Security benefits, there are certain earned income limits that must be considered. In 2023, these limits are set to change, and it’s important for individuals to understand how they may be affected.

For those who have not yet reached full retirement age, earned income limits apply to the amount of money that can be earned through work without impacting Social Security benefits. In 2023, the earnings limit is set to increase to $19,560 per year, or $1,630 per month. This means that if an individual earns more than this amount, their Social Security benefits may be reduced.

It’s important to note that only earned income is considered in these limits, which includes wages, salary, bonuses, and self-employment income. Other sources of income, such as investment earnings, do not count towards the earned income limits. Additionally, the rules are different for those who have reached full retirement age, as they can earn an unlimited amount without any reduction in benefits.

For individuals who exceed the earned income limits, their Social Security benefits will be reduced by $1 for every $2 earned over the limit. This reduction is applied to the individual’s monthly benefit amount until they reach full retirement age. Once they reach full retirement age, their benefits will be recalculated to account for the months in which benefits were reduced due to excess earnings.

It’s worth noting that there are certain exceptions to the earned income limits, such as the “special earnings limit” that applies to the year in which an individual reaches full retirement age. During this year, the earnings limit is higher, and a different rule is applied to the reduction of benefits. Additionally, there are specific rules for those who are self-employed and those who receive Social Security disability benefits.

For individuals who are considering continuing to work while receiving Social Security benefits, it’s important to carefully consider their income and how it may impact their benefits. Working with a financial advisor or using the tools provided by the Social Security Administration can help individuals determine how their earnings will affect their benefits and make informed decisions about their retirement income.

Overall, the earned income limits for Social Security benefits are an important factor to consider for those who plan to continue working while receiving benefits. Understanding these limits and how they may change in 2023 is crucial for individuals to make informed decisions about their income and retirement planning.