Social Security Information

Social Security Information: Changes for 2024
Employers pay Social Security tax, (FICA) 6.20% from wages up to $168,000. Medicare tax, 1.45% is paid on all wages. Employees earn one Social Security credit for each $1,730 in earnings up to a maximum of four credits for the year.

Caution:  Social Security  Beneficiaries Should Review the Best Claiming Strategy for their Situation. 

Eligible Social Security beneficiaries may elect to receive benefits at age 62. However, a reduction of social security benefits may occur until you reach full retirement age. In 2024 the maximum benefit at age 62 is $2,710 and $4,873 at age 70.
 
  Maximum Earnings Reduction
Prior to the Year of Normal Retirement Age $22,320 $1 for every $2 earned over $22,320
The Year Of Full Retirement Age $59,520 $1 for every $3 earned over $59,520
Normal Retirement Age Unlimited

Earnings Test

In April 2000, Congress eliminated the earning test at the full social security retirement age. Under
the former law, persons under age 70 receiving Social Security forfeited a portion of their social security retirement benefit if they earned wages over a specified amount. Now the earnings test is eliminated at your "full retirement age". The chart below will show your own "full retirement age."
 
Year of Birth Full Retirement Age
1937 or earlier 65
1938 65 and 2 months
1939 65 and 4 months
1940 65 and 6 months
1941 65 and 8 months
1942 65 and 10 months
1943 - 1954 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 and later 67

Source:  Social Security Administration (SSA.gov)