Income Thresholds: Social Security benefits can be reduced if earnings exceed certain income limits after age 65.
Working Beyond Full Retirement Age: Those who continue working past their full retirement age may face a reduction in benefits.
Earnings Test: For individuals still employed, the Social Security earnings test may decrease benefits if their earnings are too high.
Gradual Benefit Reduction: Social Security benefits are adjusted based on income, and reduced payments can occur year by year.
Delayed Retirement Credit Impact: Delayed retirement credits increase benefits, but working too much might trigger a reduction.
Windfall Elimination Provision: Workers who have pensions from non-Social Security jobs could see lower Social Security payments.
Tax Implications: High income may make Social Security benefits taxable, further reducing the net benefit.