If you earn more than $21,240, Social Security will deduct $1 from your benefits for every $2 you earn above the limit.

For those reaching full retirement age in 2024:

• Earnings Limit for 2024: $56,520 (applies only to earnings before the month you reach full retirement age).
• Reduction: If you earn more than $56,520, Social Security will deduct $1 from your benefits for every $3 you earn above the limit.

After reaching full retirement age:

• There is no earnings limit. You can earn any amount without affecting your Social Security benefits.

Example Calculation:

1. Under Full Retirement Age:
• Annual earnings: $30,000.
• Earnings limit: $21,240.
• Excess earnings: $30,000 - $21,240 = $8,760.
• Benefit reduction: $8,760 / 2 = $4,380.
• Social Security will reduce your benefits by $4,380 for the year.