Ask Mary Beth: Money Q & A |
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Social Security Earnings Test
How much can I earn this year without jeopardizing my Social Security benefits?
Mary Beth answers:
If you are between the ages of 65 and 69, you can earn up to $14,500 this year without losing any of your Social Security benefits. That's up from $13,500 in 1997. If you earn over $14,500 from a job this year, you will lose $1 in benefits for every $3 over the limit.
"Unearned" income from investments and sources other than salaries and wages do not count against the earnings test and will not affect your Social Security benefits. Eventually, the earnings test for retirees will be raised to $30,000 a year.
The earnings test is tougher for younger retirees. Those under 65 lose $1 in benefits for every $2 they earn over this year's limit of $9,120. Those 70 and older can earn any amount of income without affecting their Social Security benefits.
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