In 2023, if you are receiving Social Security retirement benefits but have not yet reached full retirement age (FRA), you can earn up to $21,240 annually without any reduction in your benefits. If you earn more than this amount, Social Security will withhold $1 in benefits for every $2 you earn above the limit
. In the year you reach full retirement age, the earnings limit is higher: $56,520 for 2023. In this case, Social Security will withhold $1 in benefits for every $3 earned above this limit, but only for earnings before the month you reach FRA. After you reach full retirement age, there is no limit on how much you can earn while receiving benefits
. To summarize:
- Before full retirement age: You can earn up to $21,240 in 2023 without penalty; benefits are reduced by $1 for every $2 earned over this amount.
- In the year you reach full retirement age: You can earn up to $56,520 without penalty; benefits are reduced by $1 for every $3 earned over this amount before the month you reach FRA.
- After full retirement age: No earnings limit; you can earn any amount without reduction in Social Security benefits
This applies to Social Security retirement benefits. Different rules apply for Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). References to earnings limits and benefit withholding are based on official Social Security Administration data for 2023.
