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So if you earn $100,000 the year you retire, we estimate you will need $85,000 during the first year of retirement. For each subsequent year, we increase your income need by 2.3% to keep up with inflation.
If you are younger than full retirement age and make more than the yearly earnings limit, your earnings may reduce your benefit amount. (If you were born between 1/2/1943 and 1/1/1955, your full retirement age is 66 years.).If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2015, that limit is $15,720.hen you reach full retirement age: 1  Beginning with the month you reach full retirement age, your earnings no longer reduce your benefits, no matter how much you earn. 2  We will recalculate your benefit amount to leave out the months when we reduced or withheld benefits due to your excess earnings.