social security before full retirement age
if I am self employed and want to take SS before my full retirement age is my income net of expenses used for the Earnings Test or is it based on gross earnings?
Terry Says
According to the SS website: “we count only the wages you make from your job or your net earnings if you’re self-employed” to reduce your benefits.
Also:
If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.
For 2025 that limit is $23,400.
In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.
