Supplement / SS Tax Earnings Test 2024

Federal Benefit Advisory

To be aware, one can plan life. The same goes for post-retirement and income from your FERS Supplement and Social Security. This is assessed to persons drawing these incomes and under the age of 62. An additional tax in the event you have a job or business. Based on income, it does not count investment income, income from your TSP or IRA, or rental incomes.

The coming year, 2024, the income limits are:

$22,320.00 ($1.00 taken as tax for every $2.00 earned in excess.)

$59,520.00 ($1.00 taken as tax for every $3.00 earned in excess.)

Often, when helping an employee plan, I am told “Well, I’ll wait for that job or to start a business” My response is not to wait. You have more energy and enthusiasm now than years from now. Go and take that job, or start your business of your own business, so what if you are taxed, go for the gusto and fulfill your dream.

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