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Working While Collecting Social Security Benefits

What Will My Net Social Security Benefit Be?

If you are collecting Social Security benefits and working, your earnings will reduce your Social Security benefit. If you are under full retirement age for the entire year, your benefits will be reduced $1 for every $2 you earn above the annual limit. In the year you reach full retirement age, your benefits will be reduced $1 for every $3 you earn above a different annual limit, but only until the month you reach full retirement age.

You can use this calculator to help determine the effect on your Social Security income from working before reaching your full retirement age.

Based on the information you provided, your net annual Social Security benefit is shown below:

Your Results
Description Amount
The Social Security limit is: 0.00
Your excess earnings are: 0.00
Your gross annual Social Security benefit amount is: 0.00
The reduction amount is: 0.00
Your net Social Security benefit is: 0.00

2024 Social Security limits are used in this calculator and are based on your age. The limits are typically adjusted annually.

2024 amounts are used for the gross annual Social Security benefit and are based on full retirement age with the applicable percentage reduction for receiving benefits prior to full retirement age.

This chart shows the percentage represented by your net Social Security benefit and the percentage by which your gross annual Social Security benefit could be reduced.

 

This hypothetical example is used for illustrative purposes only. Actual results will vary.

This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek guidance from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

This material was written and prepared by Broadridge Advisor Solutions.
© 2024 Broadridge Investor Communication Solutions, Inc.

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For parties residing outside of the U.S., this information is: (i) provided for informational purposes only, (ii) not and should not be construed in any manner as an offer to participate in any investment or to buy or sell any securities or related financial instruments, and (iii) not and should not be construed in any manner as a public offering of any financial services, securities or related financial instruments. Products and services listed may not be available, or may have restrictions, depending on client country of residence.

Investment products and services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC, Member SIPC, a registered broker-dealer and non-bank affiliate of Wells Fargo & Company.

Insurance products are offered through nonbank insurance agency affiliates of Wells Fargo & Company and are underwritten by unaffiliated insurance companies.

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