how much money can i earn on social security at age 66?
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Special Rule as You Approach Full Retirement Age If you will reach full retirement age in 2020, you can earn up to $4,0 per month without losing any of your benefits, up until the month you turn 66. But for every $3 you earn over that amount in any month, you will lose $1 in Social Security benefits.
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For 2019, the average Social Security retirement benefit was $1,461 a month, or $17,532 a year. 8﻿ The most you can receive depends on your age when you start collecting benefits. For 2020, the maximum monthly benefit is: $3,790 if you file at age 70.
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The average Social Security retirement benefit paid to a retired worker is $1,413 per month as of June 2018. However, your initial monthly benefit could be much greater or much less than that amount, depending on your age and income.
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The maximum being paid out at 62, 65, and 70 If you're at the maximum taxable earnings limit and you retire in 2018, then the most you can receive in monthly benefits at age 62, 65, and 70 is $2,158, $2,589, and $3,698, respectively.
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If you have reached full retirement age, there is no annual limit on the amount of money you can earn from working. If you are not going to reach full retirement age within the year, you can only earn up to $18,240 (in 2020) before it starts to affect your survivors benefits.
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Cost-of-Living Adjustment (COLA) Information for 2020 The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $137,700. The earnings limit for workers who are younger than "full" retirement age (age 66 for people born in 1943 through 1954) will increase to $18,240.
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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.
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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.
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If you work and are full retirement age or older, you can earn as much as you want and your benefits will not be reduced. However, individuals may begin taking Social Security retirement benefits early beginning at age 62.
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Age 63. It's relatively unusual to claim Social Security payments at age 63. ... Monthly Social Security payments are reduced if you sign up at age 63, but by less than if you claim payments at age 62. A worker eligible for $1,000 monthly at age 66 would get $800 per month at age 63, a 20% pay cut.
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If you are younger than full retirement age, there is a limit to how much you can earn and still receive full benefits. If you earn more than $17,640 (in 2019), Social Security will deduct $1 from your benefits for each $2 you earn over the threshold.
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If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2020, that limit is $18,240. In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit.
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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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Qualifying for Social Security at age 62 requires 10 years of work or 40 work credits. The maximum monthly Social Security benefit that an individual can receive per month in 2020 is $3,790 for someone who files at age 70.
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In 2017, women age 65 and older received an average annual Social Security income of $14,353, compared to $18,041 for men. 5﻿﻿That's about $1,196 per month for women and about $1,503 per month for men. The SSA notes that these lower benefits correlate to lower lifetime earnings and more part-time work.
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Say your full benefit amount is $1,500 a month and your full retirement age is 67. If you start collecting Social Security at 65, you'll reduce your monthly payment to $1,300. While that may not be ideal, it's not nearly as bad as claiming at 62 and cutting a $1,500 payment down to just $1,050.
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In general, the income limit for SSI is the federal benefit rate (FBR), which is $783 per month for an individual and $1,175 per month for a couple in 2020. Remember, though, that not all income is countable, and so you can earn more than $783 per month and still qualify for SSI (more on this below).