2023 Social Security Cheat Sheet - Flipbook - Page 15
2019 REVISED EDITION:
Social Security Cheat Sheet
2015 Bipartisan Budget Act Changes
Collecting Benefits While Still Working
If you are planning to work and collect Social Security benefits, it is important
to know the 2019 earnings limit that applies both before and during the year
you reach Full Retirement Age (FRA). Prior to FRA, If you earn over $17,640
(up from $17,040), $1 in benefits will be deducted for every $2 in earnings.
During the year you reach FRA, the limit increases to $46,920 (up from
$45,360) and $1 in benefits is deducted for every $3 in earnings. The amount
is calculated monthly and based on individual earnings, even if you are
married filing jointly. Earnings after you turn FRA (Age 66-67) do not count
against you. Earned income only includes earnings from your job and not
additional income such as pension payments, retirement account distributions
or interest income. Social Security taxes, income taxes and additional
penalties may also apply in addition to any assessed work penalty.
Example #1: Under FRA
Example #2: Turning FRA
Visit Us Online:
www.RetirementYou.com
