how much can you make if you work and collect 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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To qualify for Social Security, you have to earn credits. ... You need to earn $1,000 for one credit. So if you earn at least $4,000 per year over 10 years of work, you can get at least some Social Security benefits.
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Each employer withholds 6.2% of your gross income for Social Security up to income of $132,900 for 2019. And $137,700 for 2020. Your employer must pay 6.2% for you that doesn't come out of your pay.
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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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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. Above that amount, Social Security will deduct $1 for every $3 in income.
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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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Average Social Security Retirement Income In 2019, the average monthly retirement income from Social Security was $1,470, according to the Center on Budget and Policy Priorities. That's just $17,640 per year in Social Security benefits. Keep in mind, though, that your Social Security benefits could be smaller.
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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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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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If you'll be younger than full retirement age throughout 2018, then the Social Security income limit is $17,040. If you have more than $17,040 in earnings from work during the year, then you'll have to give back a portion of your benefits. The amount you'll forfeit is $1 for every $2 over the $17,040 threshold.
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In the year you reach full retirement age, you can earn up to $46,920 (in 2019) without having a reduction in benefits. However, if you exceed $46,920 in earnings, Social Security will deduct $1 from your benefits for each $3 you earn until the month you reach full retirement age.
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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. In the year you reach full retirement age, you can earn up to $46,920 (in 2019) without having a reduction in benefits.
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You will need to maintain a high income throughout your career to qualify for large Social Security payments in retirement. In recent years, you need to earn a six-figure salary to get a top Social Security payment. The maximum wage taxable by Social Security is $137,700 in 2020.
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The amount you can earn without affecting benefits changes each year. For 2019, the limit is $17,640. This is the limit that applies to you if you will not hit FRA in 2019 but are working and receiving Social Security benefits at the same time during this year.
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If you start collecting your benefits at age 65 you could receive approximately $33,773 per year or $2,814 per month. This is 44.7% of your final year's income of $75,629. This is only an estimate.
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If we withhold some of your benefits because you continue to work, we'll pay you a higher monthly benefit when you reach your full retirement age. So, if you work and earn more than the exempt amount, it won't, on average, decrease the total value of your lifetime benefits from Social Security — and can increase them.
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When you work and pay Social Security taxes (FICA on some pay stubs), you earn Social Security credits. You can earn up to 4 credits each year. If you were born after 1928, you need 40 credits (10 years of work) to be eligible for retirement benefits.