2
If you’re younger than full retirement age
during all of 2024, we must deduct $1
from your benets for each $2 you earn
above $22,320.
If you reach full retirement age in
2024, we must deduct $1 from your
benets for every $3 you earn above
$59,520 until the month you reach full
retirement age.
These examples show how the
rules would aect you:
Let’s say that you le for Social Security
benets at age 62 in January 2024 and
your payment will be $600 per month
($7,200 for the year). During 2024, you
plan to work and earn $24,920 ($2,600
above the $22,320 limit). We would
withhold $1,300 of your Social Security
benets ($1 for every $2 you earn over
the limit). To do this, we would withhold
all benet payments from January 2024
through March 2024. Beginning in April
2024, you would receive your $600 benet
and this amount would be paid to you
each month for the remainder of the year.
In 2025, we would pay you the additional
$500 we withheld in March 2024.
Or, let’s say you aren’t yet at full
retirement age at the beginning of the
year, but reach it in November 2024. You
expect to earn $63,000 in the 10 months
from January through October. During
this period, we would withhold $1,160 ($1
for every $3 you earn above the $59,520
limit). To do this, we would withhold the
benet payment for January 2024 through