Income

[cb101]

I was told at 62 years of age you could only make certain amount of money before they'll start reducing your Social Security benefits the next year.

[KochuK]

Hi cb101, good day! Thanks for joining the Special Forum.

If a worker receiving Social Security benefits has not reached full retirement age by the end of 2021, benefits are reduced by $1 for each $2 earned above $18,960 during 2021.

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What is the special rule about earnings in the first year of retirement?

Sometimes people younger than full retirement age retire in the middle of the year and have already earned more than the yearly earnings limit. There is a special rule that applies to earnings for one year, usually the first year of retirement. Under this rule, you can get a full Social Security benefit for any whole month you are retired, regardless of your yearly earnings.

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https://faq.ssa.gov/en-US/Topic/article/KA-01927

Depending on your birth year, full retirement age differs.
To find your full retirement age:
https://www.ssa.gov/benefits/retirement/planner/ageincrease.html