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Q. At what age are Social Security earnings restrictions eliminated? I used to be born in December 1956 and turned 65 in December 2021. I’ve been receiving SSDI since 2017. I consider my regular full retirement age is 66 years and 4 months, however I perceive that I’m already receiving my full retirement age funds due to SSDI. At 65, what quantity of earnings will have an effect on my profit quantity?
— Nonetheless working
A. It’s good of you to contemplate how your advantages are affected as you age.
Your full retirement age (FRA) is, in truth, age 66 and 4 months.
When you attain this age, you’ll be able to earn as a lot as you want and acquire your full Social Security profit, stated Jody D’Agostini, a licensed monetary planner with Equitable Advisors/The Falcon Monetary Group in Morristown.
Earlier than that point, your profit can be diminished, she stated.
“You’ll have $1 deducted for each $2 earned above the annual restrict which for 2021 is $18,960,” she stated. “Within the yr that you just attain your FRA, your profit is diminished $1 for each $3 you earn above a special restrict. That restrict for 2021 is $50,520.”
The numbers went up for 2022. This yr, you’ll be able to earn as much as $19,560 with out it affecting your advantages. Above that, you’ll have $1 deducted for each $2 earned above the restrict. And in 2022, if it’s the yr you attain your FRA, your profit is diminished $1 for each $3 when you earn greater than $51,960 in earnings.
E-mail your inquiries to [email protected].
Karin Value Mueller writes the Bamboozled column for NJ Advance Media and is the founding father of NJMoneyHelp.com. Observe NJMoneyHelp on Twitter @NJMoneyHelp. Discover NJMoneyHelp on Fb. Join NJMoneyHelp.com’s weekly e-newsletter.