Tag: benefit reduction

Working While Receiving Social Security: When Does the Penalty End?
June 22, 2024 Off

Working While Receiving Social Security: When Does the Penalty End?

By The Admiral Staff

If you receive Social Security benefits before your full retirement age, your earnings may reduce your benefit amount. This reduction ($1 for every $2 earned over $22,320 in 2024) stops once you reach your full retirement age, which depends on your birth year (65, 66, or 67). After reaching full retirement age, your benefits will be recalculated to give credit for any previous reductions, ensuring your total lifetime benefits remain the same.

Survivor Benefits & Working: Why Your Spousal Payments Might Be Zero
February 4, 2024 Off

Survivor Benefits & Working: Why Your Spousal Payments Might Be Zero

By The Admiral Staff

A woman inquired about receiving survivor benefits from her late husband’s Social Security record, but was told she earned too much to qualify. The article explains that while survivor benefits are available, claiming them before full retirement age (67 in her case) results in a reduced benefit, and that benefit can be further reduced or eliminated if earned income exceeds certain limits ($19,560 in 2022 for those not yet at full retirement age). The author advises her to continue working