I started receiving my Social Security benefits March of 2021 at the age of 65 and 2 months. My full retirement age is 66 and 4 months. I am restricted to making $18960 without penalty. does the $18960 ceiling go thru December 2021 and start over in January 2022? does it go from March 2021 thru March 2022 and start over in April 2022 until I reach 66 and 4 months full retirement age on May 18, 2022?

Hi. The exempt amount of $18,960 is the amount you can earn from January 1 2021 through December 31 2021 without losing any of your benefits this year. If you go over that amount then Social Security would need to withhold $1 of your benefits for every $2 earned in excess of $18,960. However, you could be paid at least for any months this year that you earn no more than $1580 regardless of how much you earn in the full year.

Since you'll be turning full retirement age (FRA) next year a higher exempt amount will apply and only the amount you earn in months prior to the month you reach FRA will count.

Best, Jerry