Yes, working while receiving Social Security benefits before reaching full retirement age can cause some of your monthly payments to be withheld if your earnings exceed an annual limit.
The Social Security Administration has a retirement earnings test that applies to beneficiaries under their full retirement age. For 2024, if you are under full retirement age, the first $22,320 you earn will not affect your benefits. For every $2 earned above that amount, $1 will be withheld from your benefits. This withholding stops once you reach full retirement age, and your benefit amount will be recalculated to account for the withheld payments.
Benefit amounts and earnings limits are subject to change, and individual circumstances may vary.
What is my full retirement age?
Your full retirement age depends on your birth year. For those born between 1943 and 1954, it is 66. For those born in 1960 or later, it is 67. You can find the specific age for your birth year on the Social Security Administration's website.