In this one-minute moment, Dr. Friday explains the income limits for taking early Social Security in 2024 and the penalties for exceeding them.

Transcript:

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

Social Security—so in 2024, if you decide you want to take out early Social Security, which means you’re 62 and older but not at your full retirement age, you can earn up to $22,320. If you make more than that, you’ll have to pay back $1 for every $2 over. And if you earn more than $59,000, you have to pay back $1 for every $3 over.

So bottom line—if you’re going to work, make sure your income stays low enough. Otherwise, you might want to think twice about getting onto early Social Security.

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