Why Your Social Security Checks Might Be Shrinking

There’s no rule that says you have to stop working to collect Social Security. That’s important because many seniors have gone back to work or taken part-time jobs to help make ends meet. But what many might not realize is that, depending upon how much you earn, your Social Security benefit payments could be cut.

According to an article by The Motley Fool, the government withholds money from your monthly benefit check if the income from your job exceeds certain limits that change annually — this year it’s $22,320. Keep in mind, this withholding only happens if you have not yet reached full retirement age (FRA). Once you reach FRA, the government will recalculate your benefit and give your future checks a boost.

The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, establish a fair annual cost-of-living adjustment (COLA), increase minimum benefits, and ensure the long-term solvency of the Social Security program.