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Over half of Future Retirees Risk Losing Some Social Security Benefits
Christy Bieber explains that many retirees who plan to work before reaching full retirement age (FRA), which is now 67, while on Social Security may not realize the impact this can have on their monthly benefits.
- If you won’t reach FRA for the whole year, you can earn up to $23,400 in 2025 or $22,320 per year in 2024. You will lose $1 in benefits for every $2 earned above these amounts.
- If you’ll reach FRA sometime in the year but are working before it, you can earn up to $62,160 in 2025 or $59,520 in 2024 before losing $1 in benefits for every $3 earned above that amount.
These work limits adjust upwards in most years, so if you’re a few years away from retirement, you can expect them to be higher by the time you get there. There will still be a cap, though, and if you exceed it, you temporarily forfeit some Social Security income. Full piece here.