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For someone between age 62 and full retirement age of 66, they will reduce your Social Security by $1 for every $2 that you earn over an annual limit.
That limit for 2016 is $15720.
Then at age 66 you can earn as much as you like with no benefit.
AND your benefit is adjusted by a formula that (over time, about 15 year) gets that reduction for earning more than 15720 back to you.