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The Social Security special minimum benefit provides a primary insurance amount (PIA) to low-earning workers. The lowest minimum PIA in 2023, with at least 11 years of work, is $49.40 per month. The full minimum PIA, which requires at least 30 years of work, is $1,033.50 per month.

In the year you start drawing Social Security, you can earn up to a specific limit ($21,240 in 2023) before your benefits are reduced.

If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2023, that limit is $21,240.

How Social Security benefits are calculated on a $60000 salary YouTube Start of suggested clip End of suggested clip The number of months and 35 years that gives you $5,000. Still with me that. Figure gives you yourMoreThe number of months and 35 years that gives you $5,000. Still with me that. Figure gives you your average indexed monthly earnings or a IME. Simply put if your monthly pay for the last 35 years.

You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefit. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.

Have you heard about the Social Security $16,728 yearly bonus? There's really no ?bonus? that retirees can collect. The Social Security Administration (SSA) uses a specific formula based on your lifetime earnings to determine your benefit amount.

(We deduct $1 from benefits for each $2 earned over $21,240.) The earnings limit for people reaching their ?full? retirement age in 2023 will increase to $56,520.

1619(b) Threshold Amounts for Disabled SSI Beneficiaries (2023) StateThresholdArkansas$43,893California$56,758Colorado$52,519Connecticut$54,50222 more rows