Utah Contractor Practice Exam

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At what age can a Social Security benefit recipient earn an unlimited amount without affecting their benefits?

55
60
65
Never

The correct answer is: 65

A Social Security benefit recipient can earn an unlimited amount without affecting their benefits once they reach the full retirement age, which is currently set at 66 for most people, gradually increasing to 67 for those born after 1960. However, 65 is commonly perceived as a significant age due to the typical Medicare eligibility, but it doesn’t pertain directly to Social Security earning limits. Before reaching the full retirement age, individuals face earning limits that may temporarily reduce their Social Security benefits if they earn above certain thresholds. Once they reach the full retirement age, those earnings do not affect the amount of Social Security benefits they receive, allowing for complete financial independence without penalty. While earning limits exist for younger beneficiaries, particularly for those under the full retirement age, the point at which those limitations cease is crucial for planning financially for retirement. This makes understanding full retirement age essential for anyone looking to maximize their benefits while still earning additional income.