how much money can i make and keep my social security?
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The Social Security earnings limit is $1,470 per month or $17,640 per year in 2019 for someone age 65 or younger. If you earn more than this amount, you can expect to have $1 withheld from your Social Security benefit for every $2 earned above the limit.
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If you reach your full retirement age during 2019, you can earn up to $46,920 in the months before you take full retirement. If you go over this limit before the month you retire, $1 for every $3 you earn is deducted.
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1﻿ So, if your annual salary is $50,000, the amount that will go to Social Security over the course of the year is $3,100, plus $725, for a total of $3,825. Your employer will match an additional $3,825 over the course of the year, and it will also report your Social Security wages to the government.
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En español | That changes annually, based on national wage trends. In 2020, people who reach full retirement age (FRA) — the age at which you qualify for 100 percent of the benefit calculated from your earnings record — can earn up to $48,600 without losing benefits.
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Receiving Social Security Income While Working. In the year you reach full retirement age, your benefits will be reduced by $1 for every $3 you earn above $48,600 (for 2020). 7﻿ ﻿Starting with the month you attain full retirement age, your benefits will no longer be reduced.
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What Is the Social Security Tax Limit? You aren't required to pay the Social Security tax on any income beyond the Social Security Wage Base. In 2020, this limit is $137,700. As a result, you'll pay no more than $8,537.40 ($137,700 x 6.2%) in Social Security taxes.
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A different limit applies for the calendar year you reach full retirement age. You can earn up to $3,910 per month on average for the months prior to reaching full retirement age without losing any benefits.
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Now you'll see why Social Security is so important. Without it, you'd need somewhere between $1.2 million and $1.5 million just to produce $60,000 of retirement income.
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The earnings limit changes every year based on Social Security's inflation measure, the national average wage index. In 2018, you could earn up to $17,040 before triggering a reduction to your benefits, but in 2019, you'll be able to earn $17,640, or 3.5% more.
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Social Security has announced changes for 2019 that include an increase to the maximum Social Security benefit payable to recipients who retire next year. In 2018, new retirees could pocket as much as $3,698 per month, but in 2019, they'll be able to collect up to $3,770 per month.
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But many retirees receive over $2,000 per month from the Social Security Administration, and payments could be as much as $3,770 in 2019. The maximum possible Social Security benefit in 2019 depends on the age you begin to collect payments and is: $2,209 at age 62. $2,861 at age 66.
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Depending on the size of your income from Social Security, pension, or part-time work, the number of $240,000 multiples will vary. The rule itself won't vary; the 1,000 Bucks-a-Month rule is a rule that is constant. For every $1,000 you want each month in retirement, it's imperative you save at least $240,000.
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Limits on Earned Income If Claiming Early Benefits Until you reach full retirement age, Social Security will subtract money from your retirement check if you exceed a certain amount of earned income for the year. For the year 2019, this limit on earned income is $18,240 ($1,520 per month). The amount goes up each year.
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How Much Can I Earn? In 2020, the annual earnings limit for those achieving full retirement age in 2021 or later is $18,240.
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How Much Can I Earn? In 2020, the annual earnings limit for those achieving full retirement age in 2021 or later is $18,240. In 2019, the annual earnings limit for those achieving full retirement age in 2020 or later was $17,640.
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The Social Security income threshold increases to $3,910 per month or $46,920 a year in the year you turn your full retirement age. If you earn more than that amount, $1 will be withheld from your benefit for every $3 in excess earnings.
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To receive the maximum possible Social Security benefit, you'll need to earn more than the Social Security maximum taxable earnings in at least 35 individual years throughout your career. For 2018, the maximum amount of earnings that can be taxed for Social Security is $128,400.