Social Security changes: earnings limit increase
If you work while collecting Social Security benefits, then your benefits may be reduced, depending on how much you earn.
If your income is more than $18,960 during 2021, the SSA will withhold $1 for every $2 you earn over the limit if you’re below the full retirement age.
However, starting this year, this threshold has increased to $19,560.
If you reach full retirement age in 2022, you’ll be able to earn $51,960 – up by $1,440 from the 2021 annual limit of $50,520.
In that event, $1 is withheld for every $3 earned over that threshold.
If you were born in 1960 or later, your full retirement age is 67. For others, it’s 66 and a specific number of months.
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