First year of Social Security benefits: What happens if you retire midyear?

Source: InvestmentNews

If you begin claiming Social Security benefits before reaching full retirement age (FRA), your earnings may be subject to an annual limit, and surpassing this threshold could lower your monthly payments.

However, not everyone retires at the start of the year. If you retire mid-year, you may have already earned more than the annual income limit. This raises an important question: Will exceeding this limit impact your first year of Social Security benefits?

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