Claiming benefits early means you'll have to watch what you earn. If you work while collecting Social Security before reaching FRA, you'll be limited in what you can earn before you risk having some of your benefits withheld.
In 2024, the earnings-test limit for Social Security is $22,320, and it's rising to $23,400 in 2025. Beyond that point, $1 in benefits is withheld per $2 of earnings.
If you haven't reached FRA yet in 2024 but will by the end of the year, your earnings-test limit is $59,520, rising to $62,160. From there, $1 in benefits is withheld per $3 of earnings.
It's crucial to strategically consider when to file for Social Security, as waiting or claiming early can significantly impact your long-term financial stability.
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