Working after retirement may affect Social Security benefits. For example, if you take Social Security before you reach full retirement age, the Social Security Administration will reduce your benefits by $1 for every $2 earned over the annual income limit (for 2024, the income limit is $22,320). In the year you reach full retirement age, $1 of benefits is deducted for every $3 made above the annual income limit (that limit is $59,520 in 2024). Once you reach full retirement age, you can work without facing a reduction in Social Security benefits.