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Will your pension check reduce your Social Security benefits before full retirement age?

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No. Only earned income is counted toward the $14,160 annual cap and still allow you to receive full benefits between the ages of 62 and the year in which you achieve the full retirement age of 66. The earning cap increases to $37,680 in January of the year you turn 66, and is lifted completely the month of your birthday. Afterward, there is no earned-income limit.

Pension checks, 401k payouts, annuities, capital gains, and other investments are not counted toward the income limit at any time.
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