Understanding the Earnings Limit for Social Security Benefits in 2024

💰The earnings limit for 2024 is $22,320, with $1 withheld for every $2 earned over the limit.

👩‍👧Earnings from work only affect your own Social Security retirement benefits, not spousal or children's benefits.

💸Withheld benefits are not lost forever; they are recalculated when you reach full retirement age.

🗓️When you attain full retirement age during the year, the monthly earnings limit applies instead of the annual limit.

💼Gross wages from employment and net earnings from self-employment count towards the earnings limit.

Does the earnings limit apply to Social Security disability benefits?

—No, the earnings limit only applies to Social Security retirement benefits.

How does excess earnings affect spousal or children's benefits?

—If you have excess earnings, both your and their benefits may be suspended.

Should I inform the Social Security Administration if I will exceed the earnings limit?

—Yes, it's recommended to contact the administration and provide an estimated work report.

When does the earnings limit switch from an annual to a monthly limit?

—The monthly limit applies if you have one or more non-service months in the first calendar year of receiving benefits.

What counts as earnings for the earnings limit?

—Gross wages from employment and net earnings from self-employment are considered earnings.

00:00In this video, we discuss the earnings limit for working while collecting Social Security benefits.

03:43Earnings from work only affect your own benefits, not spousal or children's benefits.

05:42If your benefits are withheld due to the earnings limit, they are not lost forever and will be recalculated at full retirement age.

08:05The earnings limit can switch from an annual to a monthly limit for individuals who retire mid-year.

09:59Gross wages from employment and net earnings from self-employment count towards the earnings limit.