There's a magic number that can help you maximize your Social Security income when you're ready to retire, but it's not the ...

Here are the income thresholds that determine the taxability of your Social Security benefits: For single filers: If your income exceeds $25,000, up to 50% of your benefits may be taxable.

People under full retirement age can earn up to $22,320 in 2024 (rising to $23,400 in 2025) while on Social Security without penalty. There is no earnings cap after full retirement age.

This article is intended for educational purposes only and is not legal advice. For guidance on your personal situation, please contact a lawyer. Well, it can be easy for new retirees to find ...

Image source: Getty Images. But while it's perfectly OK to count on Social Security as a source of retirement income, you don't want to depend on those benefits too heavily. Doing so could upend ...

For example, if you are 65 years old, receive $2,500 in Social Security benefits every month and have a job that pays $2,000 monthly, you are over the income limit of $1860 by $140 each month.

As with so many things, the devil is in the details. For example, let’s say you are 63 years old and getting Social Security, and you take a part-time job that’s going to pay you $25,000 per year.

1. Retiring before 35 years of work history. The first mistake could come from retiring too soon. You become eligible for Social Security retirement benefits after earning 40 work credits. You can ...

In addition, if you begin drawing Social Security at age 62, you also get into Social Security Administration (SSA) and IRS rules that penalize you with direct reductions of your benefits based on ...

Earning extra income can help bridge this gap, but if you start receiving Social Security before you reach full retirement age, you may actually lose some of your benefits if you earn too much.

But while it's perfectly OK to count on Social Security as a source of retirement income, you don't want to depend on those benefits too heavily. Doing so could upend your plans -- and cause you a ...