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Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
Which Months Of My Earnings Count Toward The Earnings Limit?
I started receiving my Social Security benefits March of 2021 at the age of 65 and 2 months. My full retirement age is 66 and 4 months. I am restricted to making $18960 without penalty. does the $18960 ceiling go thru December 2021 and start over in January 2022? does it go from March 2021 thru March 2022 and start over in April 2022 until I reach 66 and 4 months full retirement age on May 18, 2022?
Hi. The exempt amount of $18,960 is the amount you can earn from January 1 2021 through December 31 2021 without losing any of your benefits this year. If you go over that amount then Social Security would need to withhold $1 of your benefits for every $2 earned in excess of $18,960. However, you could be paid at least for any months this year that you earn no more than $1580 regardless of how much you earn in the full year.
Since you'll be turning full retirement age (FRA) next year a higher exempt amount will apply and only the amount you earn in months prior to the month you reach FRA will count.
Best, Jerry
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Posted:
August 1, 2021