In fact, you can work and get Social Security retirement payments at the same time. So, you can do both at the same time, but there are some things you need to remember. A lot more so if you haven’t hit the Full Retirement Age (FRA) yet.
If you make more than the amount that SSA says you can make a year, your benefits might be cut.
So, you shouldn’t make more than the yearly cap if you don’t want your monthly benefits to be cut. But some seniors who start getting benefits the month they reach the normal retirement age will not have their benefits cut, no matter how much they get.
What is the highest amount of money that Social Security will pay out?
- Remember that the following are the limits set by the Social Security Administration for 2024:
retired people younger than 66 for the whole year: Each time you get more than the yearly - limit, SSA takes away $1 from your retirement payment.
- In 2024, this cap will be $22,320 per year.
When you hit Full Retirement Age in 2024, SSA will take away $1 from your retirement benefits for every $3 you get over a certain limit. Of course, SSA will only look at the money you made before your Full Retirement Age.
This cap is $59,520 per year.
What if I get a job when I hit the FRA for Social Security?
It’s up to retirees who start working as soon as they hit Full Retirement Age. So, they can get monthly benefit checks, and they won’t have any limits or cuts on how much they can earn.
While some Americans think that 65 is the Full Retirement Age, that was the case for many generations but is no longer the case. So you should use the SSA’s Retirement Age Calculator. Go to https://www.ssa.gov/benefits/retirement/planner/ageincrease.html to learn more.
The retirement age is usually 67 if you were born in 1960 or later. Use the Retirement Earnings Test Calculator to find out how much your monthly benefit payment will go down. Go to https://www.ssa.gov/OACT/COLA/RTeffect.html to learn more.
