What is the maximum income I can earn before it affects my Social Security benefits?

The maximum income that can affect your Social Security benefits may vary depending on your individual circumstances and the year in question. For individuals who have not yet reached full retirement age (as considered by the Social Security Administration), there is an earnings limit in place. In 2021, if you earn more than $18,960 per year, $1 will be deducted from your Social Security benefits for every $2 earned above that threshold. However, in the year you reach full retirement age, the earnings limit increases to $50,520, and the penalty reduces to $1 deducted for every $3 earned above this limit until the full retirement age is reached. It is important to consult with Social Security professionals at the Toms River NJ branch for accurate and updated information tailored to your specific situation.