How does the Social Security retirement earnings test affect your benefits?

The retirement earning test might surprise you if you're working and collecting Social Security but not yet fully retired. 

According to Jim Blair, a consultant with Premier Social Security Consulting and contributor to "2022

Social Security & Medicare Facts," most people are unaware of the earnings test until they receive 

their first overpayment notice. Social Security withholds benefits if your earnings exceed a certain level 

And you are under full retirement age. One of two exempt amounts applies based on your retirement age:

A lower amount before full retirement age and a higher amount after full retirement age.

This is what experts say you really need to know about retirement earnings tests:

According to Joe Elsasser, founder and president of Covisum, a financial technology company 

that sells retirement-income software, three versions of the earnings test may apply.

Before reaching full retirement age, an annual earnings test must be completed

From 2022, the Social Security Administration will withhold $1 in benefits for every $2 in earnings

in excess of $19,560 if you are between 62 and full retirement age. The lower exempt amount 

is also known as the lower exempt amount.  At full retirement age, you would receive 100% of 

your scheduled Social Security benefit. According to Elsasser, if you were 63 and earned $39,560 in 2022, 

you would be penalized $10,000. How did he come up with that number? He said that if your monthly benefits

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