Ssa Annual Earnings Limit 2024. We use the following earnings limits to reduce your benefits: We raise this amount yearly to keep pace with increases in average wages.
Per the ssa, if you’re under fra in 2023 and claim benefits, the annual earnings limit is $21,240. A special rule that applies to earnings in one year.
The Limit Is $22,320 In 2024.
January 2024 marks when other changes will happen based on the increase in the national average wage index.
We Call This Annual Limit The Contribution And Benefit Base.
In 2023, this limit is $56,520.
50% Of Anything You Earn Over The Cap.
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Under The Earnings Test, We Will Reduce A Beneficiary’s Monthly Benefits By The Amount Of Their Excess Earnings If The Beneficiary Is Under Or In The Year Of Fra.
The special rule lets us pay a full social security check for any whole month we consider you retired, regardless of your yearly earnings.
A Special Rule That Applies To Earnings In One Year.
For 2024, the fra year earnings limit is $59,520 and the reduction for excess earnings is $1 for every $3 over the limit.