The average Social Security retirement benefit payment is $2,071 per month. When you consider that gas is now more than $5 per gallon in some cities, it’s easy to understand why some retirees may be looking for a part-time job.
Before you start filling out job applications, it’s important to know that there is a limit on how much money you can earn while receiving Social Security retirement benefits. The earning limit applies to people who claim benefits before reaching full retirement age, which is age 66 or 67.
According to the article by Money, “if you are younger than full retirement age, Social Security withholds $1 for every $2 earned above an annual limit, which is $24,480 in 2026.” In the year that you do reach full retirement age, that changes to $1 for every $3 earned above $65,160.
Keep in mind, the money is not lost. The article explains that any benefits that are withheld because you are below full retirement age will be distributed in future Social Security payouts.
Council of Seniors is Here to Help Older Americans
Regardless of when you retire, the Council of Seniors wants to improve retirement life – and that starts with Congress enacting The SAVE Benefits Act. The passage of this bill will improve retirees’ finances by making up for Social Security cost-of-living adjustments (COLAs) that have let them down in recent years. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.