Planning on continuing to work even after retiring? For many seniors, bringing in income along with Social Security benefits can be helpful. However, extra income can, in some cases, lead to a reduction of your benefits. The Social Security earnings test can help you understand how working could affect your benefits.
A recent report from Kiplinger outlines how the earnings test works. Once you reach full retirement age, you can earn as much as you want without an impact on your benefits. However, before full retirement age, you could see a reduction in your benefits if you earn more than $18,960 a year.
Understanding how the Social Security earnings test works can help you better budget in retirement. At NORA, we’re working on behalf of American seniors by advocating for a higher COLA for Social Security beneficiaries. A COLA of at least 3% each year could help retirees plan for the future. Add your name to our online petition to make your voice heard.
