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Individually the limit is $16,920; jointly this goes to $32,000. After which, the penalty is about 50% of your social security wages up to a max of 85%. Also, this is only on "earned" wages from a W-2, your other income from any retirement savings or investments would not impact this. I would be happy to expand more if you like.
Per the SSA website:
Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.
For 2017 that limit is $16,920.
If you will reach full retirement age in 2017, the limit on your earnings for the months before full retirement age is $44,880.
In the years after the year you retire, the amount is $16,920 individual and $32,000 (approx) jointly as a maximum of "earned wages" before they start reducing your Social Security. There is no limit on distributions from retirement plans (like a 401k or 403b) or passive income, like rent or royalties.
Let me reread this a second.
I apologize, as I misread the question. Because you are over 66, past full retirement age, there is no limit as you stated except for the months immediately preceding your application for benefits. I have been dealing with many people who are not at full retirement age yet and misapplied the facts.
Let me know if I can research further and provide references.
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