This is called the earnings test. My Social Security for Dummies book lists the earnings limit at $14,640 (2012) after which your SS benefit is reduced $1 for every $2 you are over the limit. The limit typically goes up every year so for 2014 it should be a little higher. Best to call social security or make a appointment and go into your local office - I have done both and they have always been very helpful.
Now here is the thing - you never lose any SS benefits. After you stop working, they will recompute your benefit to insure you get the same total payout. I did not take SS until I was 65 (could have started at 62) however I will not lose any SS money. My monthly benefit is higher because I am closer to my expected death. If I would have waited until I was 66 or 70 the monthly payments would be still higher since they have to pay out my total benefit in a fewer number of payments before I am expected to kick off. If you are working and they withhold SS money - they have to make it up when you stop working.
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Today's Featured Article - A Question for Dads This recent topic from the Tractor Talk discussion board is being highlighted because it is an awesome display of the caliber of individuals that have made this site their own. The young person asking questions received positive feedback and advice from total strangers who "told it like it is" with the care many reserve for their own kids. The advice is timeless... so although it isn't necessarily antique tractor related, it will be prominently displayed in our archives to honor those who have the courage to ask and those who have the courage to respond in an honest, positive manner.
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