SS Earnings Limit Up

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Social Security Earnings Limit is Up in 2003
April 2, 2003 - American's receiving Social Security survivor's benefits, or who receive early retirement benefits from Social Security, can earn of to $11,520 in 2003, without having to give any of your payments back. If you go over the cap, you pay back $1 for every $2 you earn. But, if you reach full retirement age this year (65 plus 2 months), you only pay back $1 for every $3 you earn before your birthday month. Then you keep it all.

No matter what your full retirement age is, you
may start receiving benefits as early as age 62

Year of Birth
Note: Persons born on January 1 of any year should refer to the previous year. Full Retirement Age Age 62
Reduction
Months Monthly % Reduction Total % Reduction

1937 or earlier 65 36 .555 20.00

1938 65 and 2 months 38 .548 20.83

1939 65 and 4 months 40 .541 21.67

1940 65 and 6 months 42 .535 22.50

1941 65 and 8 months 44 .530 23.33

1942 65 and 10 months 46 .525 24.17

1943--1954 66 48 .520 25.00

1955 66 and 2 months 50 .516 25.84

1956 66 and 4 months 52 .512 26.66

1957 66 and 6 months 54 .509 27.50

1958 66 and 8 months 56 .505 28.33

1959 66 and 10 months 58 .502 29.17

1960 and later 67 60 .500 30.00

You can also retire at any time between age 62 and full retirement age. However, if you start at one of these early ages, your benefits are reduced a fraction of a percent for each month before your full retirement age.

As a general rule, early retirement will give you about the same total Social Security benefits over your lifetime, but in smaller amounts to take into account the longer period you will receive them.

Here's An Important Point: There are disadvantages and advantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period of time. The disadvantage is that your benefit is permanently reduced. Each person's situation is different, so make sure you contact Social Security before you decide to retire.

* Percentage monthly and total reductions are approximate due to rounding. The actual reductions are .555 or 5/9 of 1% per month for the first 36 months and .416 or 5/12 of 1% for subsequent months .