Ask Terry Questions Social security income limits

Social security income limits

By Terry Savage on September 26, 2023 | Financial Planning / Retirement

Hi Terry, I Love Love Love listening to you on John Williams and Lisa Dents shows. I needed to retire and collect SSA at 62. When I turn 66 and 6 months can I make more than $18,500 working income? Thank You

Terry Says

You can earn as much as you want — but you will be (temporarily) penalized,losing $1 in benefits for every $2 you earn over the limit ($21,240 in 2023). But eventually you’ll get that penalty money back. It’s complicated.

What I really want to say is: DON’T TAKE SS EARLY!! Not because of the earnings penalty, but because of the permanent reduction in your basic benefit. All future cost of living adjustments will be made on that lower base. It could cost you 75% of your monthly benefit you’d receive if you had waited til age 70!

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