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How Working Affects Your Social Security Benefits
If you are under full retirement age (FRA), there is a limit to what you can earn before some or all of your benefits are withheld. This is true whether you are receiving Social Security retirement or a survivor benefit. Once you reach FRA, you can make as much as you want. It’s important to note, this is not a tax. If the earnings penalty applies to you, Social Security will adjust your benefit formula at FRA to treat the months you did not receive a check as if you had not elected benefits for that month.
What’s considered income If you are employed by someone else, only wages are considered earned income and would apply to the earnings test. Those who are self employed, only net earnings are considered. It is important to note, employee contributions to a pension or retirement plan are included in the employee’s gross wages. Income that is not counted as earnings include: Read more…