Social Security: It Pays to Wait
Deciding when to take social security is one of the most important decisions you’ll need to make in retirement. Until you reach full retirement age, Social Security will deduct money from your social security check if you exceed a certain amount of earned income for the year.
For the year 2017, this limit on earned income is $16,920 ($1,410 per month). Unless, you will reach full retirement age in 2017. In that case, the limit on your earnings for the months before full retirement age is $44,880. The amounts go up each year. If you are collecting Social Security retirement benefits before full retirement age, and you are under full retirement age for the entire year, your benefits are reduced by $1 for every $2 you earn over the limit. In the year you reach your full retirement age, your benefit will be reduced $1 for every $3 you earn over the limit in the months prior to reaching your full retirement age. Once you reach full retirement age, there is no limit on the amount of money you may earn and still receive your full Social Security retirement benefit.