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Thank you for using Just Answer. I look forward to assisting you this evening.Until you reach full retirement age, Social Security will subtract money from your retirement check if you exceed a certain amount of earned income for the year. For the year 2016, this limit on earned income is $15,720 ($1,310 per month). The amount goes up each year. If you are collecting Social Security retirement benefits before full retirement age, your benefits are reduced by $1 for every $2 you earn over the limit. Once you reach full retirement age, there is no limit on the amount of money you may earn and still receive your full Social Security retirement benefit.If you are already receiving your retirement benefits, a special higher earnings limit applies in the 12 months before you turn your full retirement age (66 for folks retiring today). If you will reach full retirement age in 2016, you may earn up to $3,490 per month without losing any of your benefits. But for every $3 you earn over that amount in any month, you will lose $1 in Social Security benefits. Beginning in the month you reach full retirement age, you become eligible to earn any amount without penalty.Did you need clarification or additional information about my answer? If so, please reply, I'm happy to assist further. Otherwise, please remember to leave a positive rating for me by clicking on the stars,as experts are not employees of this site and we are only paid if you leave a positive rating. Thank you!
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