What's The Maximum I Can Earn This Year And Next Year And Still Draw My Benefits?

Sep 7 2019 - 2:29pm

I began my SS benefits the month after I turn 65, this last October. So in two months I'll turn 66. I wanted to keep working even though I'm drawing my social security benefits and I'm confused as to the amount of money that I'm allowed to earn and not have any penalties. So what's the maximum amount I can earn this year and then also for next year?


If you'll turn age 66 this year you can earn up to $46,920 in the months from January 2019 through the month prior to the month in which you reach age 66 without losing any of your benefits. So, for example, if you'll turn age 66 in November you can earn up to $46,920 from January 1 through October 31 2019 without losing any benefits. There's no limit on the amount that you can earn starting with the month you reach your full retirement age (FRA) of 66, so there won't be any limit on your earnings in any future year.

If you happen to be self-employed, Social Security would prorate your calendar year earnings to determine your countable earnings. For example, if your 2019 net earnings from self employment was $60,000 and you reached age 66 in November 2019, your countable earnings would be 10/12ths of $60,000, or $50,000 (i.e. $60,000/12 x 10).

Best, Jerry