If you expect to earn over $1,770 in every month or perform substantial services in self-employment in every month of 2023, select "Yes."
Exception: If you will reach full retirement age in 2023 or already reached it in a prior year, select "Yes" only if you expect to earn over $4,710 in every month or perform substantial services in self-employment in every month of 2023. (In 2023, the monthly earnings limit is $4,710.)
"Substantial services in self-employment" means that you devote more than 45 hours to the business during the month, or between 15 and 45 hours to a business in a highly skilled occupation.
Why we ask this question
If you:
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are under full retirement age, we deduct $1 from your benefits for each $2 you earn above $21,240.
Example: If you earn $21,960, we will withhold the first $360 in benefits. ($720/2 = $360)
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will reach full retirement age this year, we deduct $1 from your benefits for each $3 you earn above $56,520 until the month you reach full retirement age.
Example: If you earn $57,000, we will withhold the first $160 in benefits. ($480/3 = $160)
Exception: If there are months when you do not expect to perform substantial services in self-employment or earn over $1,770 ($4,710 if you will reach full retirement age this year), we may still be able to pay benefits based on a special rule regardless of your yearly earnings. The rule, which can only be used for one year, lets us pay you a full Social Security check for any whole month we consider you retired.
For additional information, please read "How Work Affects Your Benefits."