The continuously rising costs are driving many retirees back to the workforce. Unfortunately, there are some things retirees should consider before committing to this change; the biggest thing to consider? Social Security benefit payments.

According to the Social Security Administration, retirees can work while still receiving their benefits. However, there is a limit to the additional income an individual can earn and still receive their full benefit payments.

Income Limit

For those working after retirement, it is important to consider the income limit. For 2022, the income limit is $19,560. Once this threshold is met, the Social Security Administration starts withholding benefits.

How much is withheld? The Social Security Administration explains that individuals will lose $1 in benefits for every $2 of earnings over the annual income limit.

It Doesn’t Add Up

The average Social Security benefit payment is $1,657 each month, which will come out to $19,884 this year. For individuals looking to earn more, but not go over the income limit, the annual earnings would be around $39,444.

And when you consider average amount retirees spend on housing and other essential costs, it’s clear to see that the income limit is not high enough.

Demand Change

The very idea of benefits being withheld for individuals returning to work is devastating; this action undermines the very idea of financial security for senior citizens, especially since seniors rely on a static monthly income.

Senior Security Alliance is taking action to fight this injustice. Our bill, The Senior Citizens Bill of Rights, is the biggest step in decades toward creating a more financially secure future for seniors.

Plus, right number five mandates that beneficiaries will not be penalized for choosing to return to work after retirement—a necessity for the many seniors considering earning additional income to make up for the current inflation.

Learn how you can take the first step towards a more financially secure future for seniors nationwide. Then, make sure to follow us on Twitter and Facebook to stay up-to-date with all our progress!