Overview
- Working before Full Retirement Age triggers the earnings test, with a reported 2026 limit of $24,480 and $1 withheld for every $2 earned above that threshold.
- Medicare Part B premiums are projected at $206.50 in 2026, with possible IRMAA surcharges, and these deductions come straight out of monthly benefits.
- The IRS taxes benefits based on combined income, with thresholds that can lead to up to 50% or 85% of benefits being taxable for individuals and joint filers, respectively.
- Claim timing remains pivotal, as filing at 62 can permanently reduce monthly payments by roughly 25%–30% if FRA is 67, while delays after FRA raise benefits about 8% per year until age 70.
- Coverage reports 2026 changes tying retirement age to years contributed—such as 65 with at least 38 years and 3 months, otherwise 66 years and 10 months—plus a new dual calculation that can use the best 302 of 304 months, with further phase‑ins through 2044.