Social Security Update: There’s a New Cut-Off for Earnings — What It Means For Your Retirement
Just because you collect Social Security benefits doesn’t mean you have to stop working.
In fact, plenty of Social Security recipients still earn income from work — but for many,
their benefits are reduced depending on their age and how much they earn.
As previously reported by GOBankingRates, the Social Security Administration considers you “retired”
When you start receiving retirement benefits. If you are younger than full retirement age and
earn more than the SSA’s yearly earnings limit, your benefits might be reduced.
The full retirement age is either 66 or 67 years old, depending on if you were born before or after 1960.
The SSA occasionally puts in new earnings test limits regarding work income. On Oct. 12, 2023,
the agency is likely to announce a higher limit for 2024, Motley Fool reported.
The new cut-off should give Social Security beneficiaries the leeway to earn more money without their benefits being reduced.
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