Working in 2013
If you were “full” retirement age (currently 66) or older throughout the year, you may keep all of your benefits no matter how much you earn. But, if you were younger than full retirement age at any time during the year, there is a limit to how much you can earn before your benefits are reduced.
If you were younger than full retirement age all year in 2013, the earnings limit was $40,080. Social Security must deduct $1 from your benefits for each $3 you earned over $40,080 until the month you turned age 66.
Social Security paid your benefits in 2013 based on the amount of money you estimated you would make. When your employer(s) reports your actual earnings for 2013 to us, we will adjust your benefits if necessary. The earnings your employer reports are the amount that will be on the W-2(s) you will receive. If the earnings on your W-2(s) for 2013 include money you earned in another year, you should contact SS before April 15 to notify them.
Working in 2014
The earnings limit for workers who are younger than “full” retirement age will be $15,480. The earnings limit for people turning 66 in 2014 will be $41,400. Your benefits will be reduced if you earn more than these limits. If you expect to earn more in 2014, you should notify SS right away so they can pay you correctly. This does not mean you must try to limit your earnings. If SS withholds some of your benefits because you continue to work, they will pay you a higher monthly benefit amount when you reach your full retirement age. There is no limit on earnings if you are full retirement age or older for the entire year.
