Photo by Jo Panuwat D from Shutterstock
7. Change in Retirement Earnings Test Limits
Last but not least on our list of Social Security shakeups in 2024 is the one related to the earning test limit. While you’re allowed to work after you apply for retirement benefits, if you earn too much, your paycheck is temporarily reduced.
Specifically, the SSA will slash your retirement benefit by $1 for every $2 you make over the limit while you’re younger than your full retirement age. In the year you’re at your full retirement age, the SS will reduce your paycheck by $1 for every $3 you make over the retirement limit. However, a separate threshold is used for this calculation.
For 2024, the earnings limit for workers who are younger than their full retirement age is $22,320, up from $21,240 in 2023. The earnings limits for those working in the year they reach full retirement age are $59,520, up from $56,520 in 2023.
Similar to other Social Security shakeups in 2024, this one will affect a certain number of beneficiaries.
Keep in mind that as soon as you reach full retirement age, there are no longer any income caps for payout reductions. Also, once you reach full retirement age, any payouts that have been deducted are reincorporated into your ongoing monthly paychecks. They are not lost or forfeited.
If you liked our article on Social Security shakeups in 2024, you may also want to read Retirement Milestones: 11 Important Age Deadlines.
15 Responses
Tell Biden stop the federal tax on our SSI benefits. It was HE who cast the tie breaker vote to tax SSI way back when. I have already paid taxes on SSI when i was working and Iam taxed AGAIN when i collect. WHY??????????????????????!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I agree double tax makes no sense
Thankfully you make enough to be taxed. Certainly not on SSI, though.
Totally agree with stopping the taxation of benefits. The government will do anything they can to steal money from us.
Agreed!
Please STOP FEDERAL TAXES to Social Security.
Mr Biden, we already pay taxes and now the retirement is more poor than before.
Rectified what was wrong.
Thanks
SSI is pretax. That’s why you are being taxed.
This will be revised in certain. When he’s out of office
Im a 100% disabled veteran service related conditions, that the VA deem me unemoyable due to those service related condition/ injuries.
I applied for SSI exactly 270 days ago.
Ive TDIU by the VA since 02/0723 ( total disabled insured unemployable) in clear and precise im forbidden to work due to injuries sustained while serving my country. How much will i be able to draw from SSI? Im 60 now
STOP Federal Tax on America BENEFITS.
They so called elected need tax the Rich not the poor to save Social Security . People living and working on social security should not be getting taxes for earning after 62 it’s foolish and irresponsible to abuse working seniors by taking advantage of there earned incomes!
Inflation has NOT fallen! Groceries are as high or higher than ever! It is ridiculous! Water bills in our area is a big scam. They charge us twice the amount of the water charge, for what they call a pollution abatement, and no one can explain it to us! That is just one thing the seniors are facing, and we should not have to worry about this kind of thing, when we have worked hard all our lives! When the previous President took away our right to count the interest charged to us on our mortgage in our tax filing which hurt the working class terribly, but what did he care, a rich arrogant man from a rich family, why did he care? He didn’t! If social security had not been treated like everybody’s slush fund to dip into and had to pay interest on it the whole time we were paying into it, we would really be set for life, but no, they did not pay interest.
Seniors Scammed, taxed while working, while receiving, punished and not protected 89 years! Grandparents and Parents in poverty until deaths, asking what is wrong with federal goverment?
Goverment needs to keep hands off of it. Like to know how much taken out so far.
They need to stop taxing S/S benefits…its double taxation. We already paid taxes on the money.
Also the Democrats took huge amount out of the fund with a promise to put it back,
Lynden Johnson administration BUT NEVER DID!!!!! DO IT NOW !!! Other stuff can wait!!!!!
Biden is draining everything to pay for all the garbage that is passed thru Congress enough
already. Our seniors need what they are entitled before shipping it over seas to other countries
who don’t give us a dime and many times trash us. Open borders comping all invaders getting
priorities……..bad deal…It’s about time….America First…