--- title: Social Security's Earnings Test Explained | TIME description: The authors of "Get What's Yours: The Secrets to Maxing Out Your Social Security" explain how the earnings test works. canonical: https://time.com/video/jj7Qw79b/ og:title: Social Security's Earnings Test Explained og:description: The authors of "Get What's Yours: The Secrets to Maxing Out Your Social Security" explain how the earnings test works. og:url: https://time.com/video/jj7Qw79b/ og:image: https://cdn.jwplayer.com/v2/media/jj7Qw79b/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: Social Security's Earnings Test Explained twitter:description: The authors of "Get What's Yours: The Secrets to Maxing Out Your Social Security" explain how the earnings test works. twitter:image: https://cdn.jwplayer.com/v2/media/jj7Qw79b/poster.jpg?width=720 --- # Social Security's Earnings Test Explained > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: Social Security's Earnings Test Explained [Watch (HLS stream): Social Security's Earnings Test Explained](https://cdn.jwplayer.com/manifests/jj7Qw79b.m3u8) (2:39)  _Published 2016-03-22. The authors of "Get What's Yours: The Secrets to Maxing Out Your Social Security" explain how the earnings test works._ --- Jul 27, 2023 7:48 PM UTC --- ## More From This Series [All Videos](https://time.com/video/) [Explaining How Social Security Works](/video/5TgIqT69/) ### Explaining How Social Security Works [What's Wrong With Social Security, and How to Fix It](/video/s6HRQPbc/) ### What's Wrong With Social Security, and How to Fix It [Social Security's Big Changes](/video/L3Mhfl2r/) ### Social Security's Big Changes --- ## Transcript [ MUSIC ] I get so many reader questions about what happens to people when they're taking social security And they continue to have wage income. They're hit by something called the earnings test. Well, the good news is that if you're 66 or older, there is no earnings test so we don't have to worry about it. But if you're between 62 and 66, and you were taking any benefit, it could be a retirement benefit, or a spouse benefit, or a widow's benefit. If you earn too much money, you can lose benefits Up to 50 cents on the dollar in benefits for every dollar that you earn. So when that kicks in at about $ 16, 000 I think. So let's get into an example Larry. Say a person gets about $ 1, 000 a month in benefits, so that's $ 12, 000 a year, but they're still working And they're earning $ 26, 000 a year, so they're $ 10, 000 over the threshold of the earnings test. How does that effect their benefits? So if they're between 62 and the year they turn 66, they're gonna lose about $ 5, 000 because they'll be about $ 10, 000 above the threshold. And it's $ 0. 50 on the dollar that they lose, so they're going to lose $ 5000. That $ 5000 isn't gonna be prorated during the year. If they were getting $ 1000 a month, they're gonna get no check for five months, and then they'll get their $ 7000 in the last seven months of the year. And a lot of people just don't notice at all. Yeah, and it's kinda nasty because you were counting on getting some money, at least some money. And now, all of a sudden, no checks show up. If your benefits are cut, the benefits of your family members could be cut too, if they're taken based on your record. So, everybody's cut. In the year you turn 66, the rules change, don't they? Right, it becomes a less onerous problem, because you can earn a lot more money before you lose anything under the earnings test. And then it's only 33 cents on the dollar so you earn an extra dollar and you only lose 33 cents in benefits. It only continues until the day you, on your 66th birthday. At that point, there's no more earnings to us. And then yours gets even better because after you turn 66, in most cases The benefits you gave up are starting to return to you, in the form of higher benefits for the rest of your life. So, this is a tax on your earnings, and then it's a tax that's undone, it's a really transfer payment that's handed back to you. I'm Phil Moyer. I'm Larry Kovlicov. And we're here to help you get the most from your social security. Absolutely. 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