Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
The DU Lounge
In reply to the discussion: At what age can you collect Social Security? [View all]TeamProg
(6,129 posts)21. Is this incorrect? It's a penalty, not so much as a tax.
The Social Security earnings limit is $1,630 per month or $19,560 per year in 2022 for someone who has not reached full retirement age. If you earn more than this amount, you can expect to have $1 withheld from your Social Security benefit for every $2 earned above the limit.
This simple Google info duplicates what I found at Soc. Sec site.
OR THIS:: from https://money.usnews.com/money/retirement/social-security/articles/what-happens-if-you-work-while-receiving-social-security
(This backs up what I wrote about 1 out of every 2 dollars over the poverty guideline)
How Much Can You Earn While Receiving Social Security?
If you opt to work while receiving Social Security before your full retirement age, you will only be able to receive a certain level of income before your Social Security benefit is temporarily reduced. The Social Security earnings limit is $1,630 per month or $19,560 per year in 2022 for someone who has not reached full retirement age. If you earn more than this amount, you can expect to have $1 withheld from your Social Security benefit for every $2 earned above the limit.
For example, suppose you are 65 years old, receive $2,500 in Social Security benefits every month and have a job that pays $2,000 a month. You are over the income limit of $1,630 by $370 each month. During a year, you will receive $24,000 from the job, which is $4,440 more than the annual earnings threshold of $19,560. As a result, $1 out of every $2 above the threshold will be withheld. In this case, $185 will be withheld every month from your Social Security checks. You can expect to receive $2,315 each month from Social Security. When you turn your full retirement age, your payments will be recalculated to give you credit for the withheld portion of your benefit.
Edit history
Please sign in to view edit histories.
33 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
You can start receiving your Social Security retirement benefits as early as age 62.
elleng
Aug 2022
#2
If you take Early Retirement at 62, you are really screwing yourself. You'll have to pay back in
TeamProg
Aug 2022
#16
But that is only earned income. My pension of $43,000 isnt counted at all toward that number.
padfun
Aug 2022
#25
Well, if I don't get all my money back, people who need it will have it. It's OK with me.
NNadir
Aug 2022
#29
Disability: any time, if you can persuade them you're disabled. Retirement: 62...
malthaussen
Aug 2022
#31