Earnings/Self-Employment And Monthly Limits In 2023

If you expect to earn more than $1,950 in every month or perform substantial services in self-employment in every month of 2025, select "Yes."

Exception: If you will reach full retirement age in 2025 or already reached it in a prior year, select "Yes" only if you expect to earn more than $5,180 in every month or perform substantial services in self-employment in every month of 2025. (In 2025, the monthly earnings limit is $5,180.)

"Substantial services in self-employment" means that you spend more than 45 hours working in the business during the month, or between 15 and 45 hours working in a highly skilled occupation.

Why we ask this question

If you:

Are under full retirement age, we deduct $1 from your benefits for each $2 you earn above $23,400.

Example: If you earn $24,120, we will withhold the first $360 in benefits. ($720/2 = $360)
Will reach full retirement age this year, we deduct $1 from your benefits for each $3 you earn above $62,160 until the month you reach full retirement age.

Example: If you earn $62,640, 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 more than $1,950 ($5,180 if you will reach full retirement age this year), you may still be eligible for benefits. This will be based on a special rule regardless of your yearly earnings. The rule, which can only be used for 1 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."