Wage limit and Social Security


Q. In a few months, I’ll be collecting Social Security at 62. They’re going to take half of it because I only worked 14 years. That will leave me $300. Am I still under the wage limit where I can only make so much money?

A. You bet you are. This year that limit is $14,640. If you earn more than that, your Social Security benefit will be reduced by $1 for every $2 you receive in your paycheck. In the year you reach your full retirement age, the reduction will be $1 for every $3 until the month in which you reach full retirement age. After that, there won’t be any limit on the amount you can earn.


About Author

Reg Jones was head of retirement and insurance policy at the Office of Personnel Management. Email your retirement-related questions to fedexperts@federaltimes.com.

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