Social Security Earnings Limit 2027: How Much Benefit Is Withheld

If you take Social Security before full retirement age and keep working, the Social Security Administration withholds $1 of benefits for every $2 you earn above $25,560 in 2027 ($24,480 in 2026). In the calendar year you reach full retirement age, the rate drops to $1 for every $3 above $67,920 ($65,160 in 2026), and only wages from the months before the month you reach full retirement age count.

Withheld benefits are not paid back, but the withholding is not a pure loss either. Once you reach full retirement age, each month in which any benefit was withheld is taken out of the early-claiming reduction, so the monthly benefit steps up. The step is small next to the money withheld, so the arithmetic below matters more than the headline rate. Every case here is a labeled hypothetical with stated inputs. Check any real decision against your own record and the Social Security break-even calculator.

The 2027 limits next to 2026

The limits are wage-indexed and rounded to the nearest $10 a month. The notice that sets them for 2027 was published in the Federal Register on October 26, 2026. It gives a lower monthly exempt amount of $2,130 and a higher one of $5,660, and it states that "the annual exempt amounts are exactly 12 times the monthly amounts." The 2026 notice, published November 3, 2025, set $2,040 and $5,430. The same notice shows the prior-year amounts of $1,950 and $5,180.

The notices show the computation. For the lower amount, the 1994 figure of $670 is multiplied by the ratio of the national average wage index for the second prior year to the 1992 index. For 2027 that is $670 x $72,800.33 / $22,935.42 = $2,126.68, rounded to $2,130. For the higher amount, the 2002 figure of $2,500 is multiplied by the ratio of the 2025 index to the 2000 index of $32,154.82, which gives $5,660.14 and rounds to $5,660. The 2026 amounts came out of the same formula: $2,040.39 and $5,430.49, rounded to $2,040 and $5,430.

Two separate percentages are easy to confuse here. The cost-of-living adjustment to benefits is 3.6 percent for 2027, paid with the benefit for December 2026 (received in January 2027), and was 2.8 percent for 2026. The exempt amounts do not follow it. The lower amount rose 4.41% for 2027 and 4.62% the year before. The higher amount rose 4.24% and 4.83%. In both years the limits grew faster than benefits, so the cushion before withholding starts widened relative to the benefit.

The 2027 increase in the lower annual limit is $1,080. Because only half of earnings above the limit are withheld, that moves at most $540 of withholding per year. For people in the year of full retirement age, the higher limit rose $2,760, and one third of that is $920. Those are the most the 2027 increase can save a beneficiary whose benefits are not already withheld in full.

The notices call the age "normal retirement age" (NRA); 20 CFR 404.409 calls it "full retirement age." It is 66 for people born from January 2, 1943 through January 1, 1955, rises by two months a year for later births, and is 67 for people born on or after January 2, 1960.

How the $1-for-$2 withholding is computed

The arithmetic has four steps, and the statute and regulations spell out each of them.

1. Add up the year's earnings. For this purpose earnings are wages for services rendered in the year plus net earnings from self-employment, minus any net self-employment loss (20 CFR 404.429(a)). All months of the taxable year are counted, including months before you started benefits (20 CFR 404.428(a)).
2. Subtract the annual exempt amount. For 2027 that is $25,560 under the lower schedule.
3. Take half of the excess and round down. 42 USC 403(f)(3) sets excess earnings at 50 percent of earnings above the exempt amount and says the result, "if not a multiple of $1, shall be reduced to the next lower multiple of $1."
4. Charge the excess to months of benefits, starting in January. The excess is charged to "the first month of such taxable year" for the full benefit payable for that month, "and the balance, if any, of such excess earnings shall be charged to each succeeding month" until used up (42 USC 403(f)(1)). 20 CFR 404.434(a) describes the same sequence for estimated earnings: the excess is charged to the full benefit each month from the beginning of the year until all of it has been charged.

Step 4 has a consequence people miss. The withholding is not spread across twelve months. It takes whole months out of the front of the year, one after another, and the last month touched is paid in part. The statute says so directly: if the excess charged to a month is less than the benefit, "such deductions with respect to such month shall be equal only to the amount of such excess earnings" (42 USC 403(b)(1)).

Withholding at earnings steps, 2026 limit against 2027 limit

The table uses a hypothetical monthly benefit of $1,500 ($18,000 for the year) and a beneficiary under the lower schedule for the whole year. Withholding cannot exceed the benefits payable, so it stops at $18,000.

At $50,000 of wages the withholding is $12,760 under the 2026 limit and $12,220 under the 2027 limit, a difference of $540. That difference is the same at every step between $26,000 and $60,000 because the limit moved by $1,080 and half of that is $540. Above about $60,000 the benefit is the constraint, not the limit, and the 2027 increase is worth nothing: both columns show $18,000, the whole year.

Each additional $1,000 of wages above the limit withholds $500 of benefits, until the benefit runs out. At the 2027 limit, a worker earning $40,000 has $7,220 of a $18,000 year of benefits withheld and is paid $10,780.

The earnings that wipe out a whole year of benefits

Because the limit is in dollars of earnings and the benefit is in dollars of benefits, the earnings at which every month of the year is withheld depend only on the benefit: the exempt amount plus twice the annual benefit.

A worker with a $1,500 monthly benefit loses the full year at $61,560 of wages in 2027, against $60,480 in 2026. Wages above that line give up the entire year's benefit; wages below it give up only part.

One year, month by month: the $50,000 case

The first worked case follows a hypothetical worker born January 2, 1965. Under 20 CFR 404.102 a person reaches an age on the day before the birthday, so this worker is 62 on January 1, 2027 and is entitled from January 2027. Full retirement age is 67 (20 CFR 404.409), reached January 1, 2032, which makes the reduction period 60 months and the early-claiming reduction 30 percent: 36 months at 5/9 of 1 percent plus 24 months at 5/12 of 1 percent, per 20 CFR 404.410(a). With a primary insurance amount of $2,000, the reduction is $600.00 and the benefit is $1,400 a month. The worker earns $50,000 in 2027, which is $24,440 over the $25,560 limit.

Excess earnings are half of $24,440, which is $12,220. Charged to the $1,400 benefit starting in January:

Eight months ($11,200) are withheld in full. September is withheld in part, $1,020, and $380 is paid. The worker receives $4,580 of the $16,800 year. The example assumes the worker earns more than the $2,130 monthly exempt amount in every month, so 2027 contains no month that qualifies for the first-year monthly test described below, and the annual test alone applies.

In practice the pay stub looks different from the table. Wages arrive across the year, but the statute and 20 CFR 404.434(a) charge the excess to benefits from the first month of the year, so the benefit stops arriving first and the wages keep arriving. The missing benefit months therefore fall early in the year.

What counts as earnings, and what does not

The test counts what the regulation defines as earnings and nothing else. The definition in 20 CFR 404.429(a) is the sum of wages for services rendered in the year plus net earnings from self-employment, minus any net loss from self-employment. Several consequences follow from the text.

• Wages are gross. 20 CFR 404.429(c) says wages "include the gross amount of your wages rather than the net amount paid after deductions by your employer for items such as taxes and insurance."
• Pre-tax 401(k) deferrals do not lower the number. 42 USC 409(i)(1) provides that nothing in the earlier provisions of that section excludes from "wages" an employer contribution under a qualified cash or deferred arrangement under section 401(k) of the Internal Revenue Code, to the extent it is not included in gross income. An employee's elective deferral is that contribution. Deferring salary into a plan reduces taxable income, but the same dollars still count as wages here. The 401(k) guide covers the deferral limits that apply to those dollars.
• Wages are counted when earned, not when paid. Under 20 CFR 404.428(d), wages are charged to the months and year in which the services were performed. Reports showing wages paid in a year are presumed to be for services performed in that year until the beneficiary shows otherwise (20 CFR 404.429(d)).
• The Social Security wage base does not cap the count. 20 CFR 404.429(c)(1) includes wages as defined there even for "remuneration in excess of the amounts in the annual wage limitation table in § 404.1047." A salary above the 2027 contribution and benefit base of $192,300 is still counted in full.
• Retirement payments are not wages. 42 USC 403(f)(5)(C) says the term "wages" does not include a payment made on account of retirement, or an employer payment after termination because of retirement under a qualifying plan. The definition in 20 CFR 404.429(a) is limited to wages and net self-employment earnings, so a pension payment, an IRA withdrawal, interest and dividends are not part of the sum the regulation defines.
• Net self-employment earnings count after expenses, with a loss subtracting. 20 CFR 404.429(b)(5) defines net earnings from self-employment as gross income over allowable business deductions. A separate rule in 404.429(b)(2)(ii) excludes self-employment income received after the first year of entitlement that is not attributable to services performed after the first month of entitlement. The 1099 tax set-aside guide shows the self-employment arithmetic that feeds the net figure.

Who is outside the test altogether is spelled out in the same subpart. The annual test applies to people under full retirement age; it does not apply to disability insurance benefits based on the beneficiary's disability, which follow the disability work rules (20 CFR 404.415(a), 404.435(a)(4)). From the month a person reaches full retirement age, nothing is charged to that or any later month (42 USC 403(f)(1)(B); 20 CFR 404.435(a)(3)).

The year you reach full retirement age: $1 for $3

In the year of full retirement age the lower limit is replaced by the higher one, the rate drops to one third, and months from the full retirement age month onward drop out. 20 CFR 404.430(b) states it: in that year "the annual (and monthly, if applicable) earnings limit applies to the earnings of the months prior to the month in which you reach full retirement age," excess earnings are "33 1/3 percent of the earnings above the annual exempt amount," and "your earnings after reaching the month of full retirement age are not subject to the earnings test." The 2027 notice puts the same rule briefly: for beneficiaries who attain full retirement age in the year, "we withhold $1 in benefits for every $3 of earnings over the annual exempt amount for months before NRA."

Who is in the 2027 group? Using the age rule in 20 CFR 404.102 and the table in 20 CFR 404.409, people born from January 2, 1960 through January 1, 1961 reach 67 during 2027. Someone born January 2, 1960 reaches 67 on January 1, 2027, so the full retirement age month is January and no month of 2027 comes before it; the earnings test never touches that year. Someone born January 1, 1961 reaches 67 on December 31, 2027, so eleven months come before it. The number of months before the full retirement age month sets how much benefit is exposed, though not the exempt amount.

20 CFR 404.430(a)(1) is explicit that the full annual exempt amount applies "even though they are earned in less than a year." A person whose full retirement age month is July faces a $67,920 limit on six months of wages, not on twelve.

Withholding at wage steps, 2026 limit against 2027 limit

The table uses a hypothetical monthly benefit of $2,000, a full retirement age month of July (six months before it), and so a maximum withholding of $12,000.

The 2027 limit saves $920 at every step where the cap does not bind, which is one third of the $2,760 increase. At $100,000 of wages in those months, the 2027 withholding is $10,693; under the 2026 limit the same wages would have lost $11,613. At $120,000 of wages the withholding reaches the $12,000 cap under both limits and the increase is worth nothing.

The wage level that withholds every month before the full retirement age month depends on how many such months there are, which is set by the birth date:

A $2,000 benefit loses all six months before a July full retirement age month at $103,920 of wages in 2027 (the 2026 limit gave $101,160). With a December full retirement age month eleven benefit months are exposed, and the same benefit needs wages of $133,920 to lose them all.

Month by month in the year of full retirement age

The next case is a hypothetical worker born July 15, 1960. Under 20 CFR 404.102 the worker is 62 on July 14, 2022, and is not 62 throughout July, so under 20 CFR 404.311(a)(2) entitlement begins with August 2022, the first month in which all requirements are met throughout the month. Age 67 is reached July 14, 2027, so the full retirement age month is July 2027 and six months come before it. The reduction period runs from August 2022 through June 2027, 59 months, a reduction of 29.5833%. With a primary insurance amount of $2,000 the benefit is $1,408. The case leaves out cost-of-living adjustments, which on a reduced benefit are reduced by the same percentage (20 CFR 404.413(c)(1)) and would raise every dollar figure roughly in proportion.

The worker earns $80,000 in January through June 2027. That is $12,080 over the $67,920 limit, and one third of it is $4,026.67, which rounds down to $4,026.

January and February are withheld in full ($2,816). March takes $1,210 and pays $198. That is three months subject to deduction, which matters in a later section: the benefit steps up in July from $1,408 to $1,433. The 2026 limit would have withheld $4,946 on the same wages, $920 more. Total benefits paid in 2027 are $13,020. Wages of $93,264 in January through June would have withheld all six months.

The first-year monthly test

The annual test has one softening feature. In the grace year, which is usually the year benefits start, a monthly test also applies: a month is a non-service month if the person is not self-employed and does not earn wages above the monthly exempt amount. Benefits for a non-service month are paid whatever the year's total earnings are. The year in which such a month first occurs while entitled is the grace year, and a new one can follow a break in entitlement.

The statute, at 42 USC 403(f)(1)(E), prohibits charging excess earnings to a month "in which such individual did not engage in self-employment and did not render services for wages... of more than the applicable exempt amount." 20 CFR 404.435(a)(7) states the three conditions for a non-service month: no work in self-employment, no wage services above the monthly exempt amount ($2,130 in 2027), and no noncovered work outside the United States on 7 or more days. 20 CFR 404.435(b)(1) defines the initial grace year as "the first taxable year in which the beneficiary has a non-service month" in or after the month of entitlement. After the grace year only the annual test applies, regardless of monthly pay, as Example 1 in the regulation puts it.

Two rules work together. Months before entitlement cannot be charged (20 CFR 404.435(a)(1)), and non-service months in the grace year cannot be charged. Earnings still count in full toward the annual total (20 CFR 404.428(a)), but the excess has nowhere to land when no chargeable month exists.

A mid-year retirement

A hypothetical worker born May 2, 1965 is 62 on May 1, 2027 and is entitled from May 2027 (full retirement age 67 is reached May 1, 2032, so the reduction period is 60 months and the benefit is again $1,400). The worker earns $15,000 a month in January through April, retires on April 30, and has no earnings afterward.

Annual earnings are $60,000, $34,440 over the limit, and the excess is $17,220. None of it is withheld. January through April carry no benefit to charge, and May through December are non-service months. The worker is paid all $11,200. Under the annual test alone the same year would have taken $11,200, the entire eight months of benefits. The monthly test is what separates the two results.

The monthly cliff

The test is a threshold on each month's wages, and a dollar over it changes the whole outcome:

At $2,130 a month, which is not "more than" the monthly exempt amount, every month stays a non-service month and the full $11,200 is paid despite $25,740 of excess earnings. At $2,131 a month, all eight months become service months, the grace year disappears for 2027, and the excess of $25,744 consumes all $11,200 of benefits. One dollar of monthly wages moves the withholding by $11,200. The fifth row shows the middle case: four service months charged at $1,400 each withhold $5,600 and the remaining four months pay $5,600.

If you are self-employed

The dollar test does not apply to someone working for themselves. The regulation presumes self-employment in every month "until you show to our satisfaction that in a particular month you did not perform substantial services" (20 CFR 404.435(d)). The test of substantial services applies in a grace year and weighs, per 20 CFR 404.446(a), the time devoted to all trades and businesses, the nature of the services, the activity before versus after retirement, the presence of a qualified paid manager, the type of business, the capital invested and the seasonal nature of the business. A person claiming a non-service month must supply "detailed information about the operation of the trades or businesses" (404.446(c)). The income does not decide the month; the work does.

What is credited back at full retirement age

The reduction for claiming early is not fixed at the date benefits start. 42 USC 402(q)(1) multiplies 5/9 of 1 percent of the benefit by the number of months in the reduction period, and for the benefit "for the month in which such individual attains retirement age" it uses the smaller of that number and the number of months in the "adjusted reduction period." Paragraph (q)(7)(A) defines the adjusted period as the reduction period excluding "any month in which such benefit was subject to deductions under section 403(b), 403(c)(1), 403(d)(1), or 422(b)" of the same title. Paragraph (q)(9)(A) sets the rate: 5/9 of 1 percent for "the first 36 months of the reduction period... or adjusted reduction period, and five-twelfths of 1 percent for any additional months."

20 CFR 404.412 turns that into an administrative rule. Months subject to deduction under the earnings test "are not counted for purposes of reducing benefits," the adjustment is automatic, and "increases in benefit amounts based upon this adjustment are effective with the month of attainment of full retirement age." The regulation adds that each year the agency "examine[s] beneficiary records to identify when an individual has attained full retirement age" and a qualifying month occurred earlier.

Three details of the statutory text decide the size of the credit.

1. The credit comes off the far end of the reduction period. The reduction is computed on a month count, 5/9 of 1 percent for the first 36 and 5/12 of 1 percent for the rest. Removing withheld months shortens the count, and the months that disappear are the ones that would have been charged at the lowest rate. A person with 60 reduction months who has months restored recovers $8.33 per restored month on a $2,000 benefit amount, 5/12 of 1 percent, as long as more than 36 remain. Once the count is down to 36 or fewer, each restored month recovers $11.11, 5/9 of 1 percent.
2. A month that is only partly withheld earns the whole month. The statute's phrase is a month "subject to deductions." Its text sets no minimum amount. In the $50,000 case the September withholding was $1,020 of $1,400, 72.9% of the month, and the month still counts. On the statute's wording, then, the ninth month earns the full credit; the Social Security Administration's notice of the adjustment gives the count it actually used.
3. The credit lasts. After the adjustment, later cost-of-living increases are applied on the adjusted benefit; 20 CFR 404.413(c)(1) says that where a reduced benefit "has been adjusted at full retirement age," any increase thereafter "is reduced by the adjusted percentage."

The withheld dollars are never refunded. What returns is a smaller reduction factor from full retirement age on.

Recomputing the $50,000 case

The first worker had 9 months subject to deduction in 2027: eight in full and one in part. The reduction period of 60 months drops to 51: 36 at 5/9 of 1 percent and 15 at 5/12 of 1 percent, or 26.25%. On a $2,000 benefit amount the reduction falls from $600.00 to $525.00, and the monthly benefit rises from $1,400 to $1,475, an increase of $75 a month or $900 a year. Against $12,220 withheld, that is a payback of 7.4% a year, simple, with no cost-of-living adjustment and no allowance for mortality. The withheld amount comes back in 162.9 months, 13.6 years, which on a full retirement age of 67 is about age 80.6. Cost-of-living increases on the higher base would make the nominal recovery a little faster than shown.

The following table gives the effect of the number of months subject to deduction, for the 60-month reduction period at a $2,000 benefit amount:

The gain rises by $8.33 for each of the first 24 months restored, then by $11.11 for each month after the count falls below 36, which is why the 36-month row is more than half again the 24-month row.

The result depends on the claiming age

The recovery period for a fully withheld month is the lost benefit divided by the monthly gain it buys. For a benefit amount of $2,000, six fully withheld months give:

Someone who started at 62 loses $8,400 for a gain of $50 a month, a 168-month wait for recovery (14.0 years). At 64, six months cost $9,600 and add $66 a month, 145 months (12.1 years), because every restored month is credited at the 5/9 rate. At 66 the loss is $11,196 and the gain $67 a month (167 months). The recovery period does not rise or fall steadily with age, because the benefit and the credit rate move in different directions. The figures are rounded to the dollar as the benefit is, so the gain per month in neighboring rows can differ by a dollar from a straight calculation.

Five years of the same pattern

The same worker stays under the lower schedule for 2027 through 2031 (full retirement age is reached in January 2032). The table holds the 2027 limit and the $50,000 salary constant and leaves out cost-of-living adjustments, because exempt amounts after 2027 are not yet published.

After five years 45 of the 60 months are subject to deduction, 15 reduction months remain, and the reduction is 8.33%. The benefit from full retirement age is $1,833 against $2,000 at full retirement age, a shortfall of only $167. The worker received $22,900 over the five years and had $61,100 withheld. A comparison with waiting follows from it: a person who waited until 67 would have collected nothing in those five years and then $2,000 a month, so the early claimer's $22,900 is offset by the $167 monthly shortfall after 137.1 months, about 11.4 years, which is roughly age 78.4. The Social Security break-even calculator compares claims at 62, full retirement age and 70 with no work income; the earnings test is what changes that comparison when wages exceed the limit.

Family benefits and who is exempt

The worker's earnings usually drive the withholding of family benefits. 42 USC 403(b)(1) takes the deductions from the worker's benefit and from the benefits of others entitled on the worker's record. The excess is charged to the sum of those benefits for each month (42 USC 403(f)(1)), so a family burns through the excess faster than a single beneficiary.

A hypothetical couple with a worker benefit of $1,400 and a spouse benefit of $700 has $2,100 payable each month. The $12,220 of excess earnings from the $50,000 case covers 5 months in full and $1,720 of the sixth, which leaves $380 in that month for the family. A single beneficiary with the same earnings lost 8 full months. The year's family benefits fall from $25,200 to $12,980. The statute (42 USC 403(f)(7)) splits a partial month among the family in proportion to their benefits.

Some people are out of reach of the worker's earnings:

• A divorced spouse who has been divorced at least two years is paid without regard to the worker's excess earnings (42 USC 403(b)(2)(A); 20 CFR 404.415(b)), unless the worker became entitled to old-age benefits before the divorce (403(b)(2)(B)).
• A beneficiary's own excess earnings reduce only that beneficiary's benefits (20 CFR 404.415(c)).
• Disability insurance beneficiaries are outside the annual test, as noted in the earnings section above.

Reporting, estimates and timing

The charging begins from the first month of the year even though the year's earnings are not known on January 1. 20 CFR 404.434(a) works from "estimated earnings for a year," and 42 USC 403(b)(1) lets the Commissioner make deductions "in such amounts and at such time or times" as is determined. A beneficiary under full retirement age must report earnings for each taxable year (20 CFR 404.452(a)(1)). The report is due by the fifteenth day of the fourth month after the year ends, April 15 for a calendar-year taxpayer, and a timely filed tax return or Form W-2 showing the same wages and net earnings may serve as the report (404.452(a)(3)). The same section says that a report for a year with low-earning months should include them, "to establish your grace year" (404.452(a)(2)). Someone whose benefits were suspended for every month before the year of full retirement age is excused from reporting (404.452(a)(4)(ii)).

Reading the numbers before a claim

Three quantities carry the arithmetic, and all of them are in the tables above.

• Months charged. The excess divided by the monthly benefit gives the number of months touched, rounded up. At the 2027 limit and a $1,400 benefit, wages of $40,000 produce $7,220 of excess, 5.16 months of benefit, so 6 months are touched.
• Credit per month. 5/12 of 1 percent of the benefit amount while more than 36 reduction months remain, 5/9 of 1 percent once 36 or fewer do. On $2,000 that is $8.33 or $11.11.
• Recovery horizon. The benefit lost divided by the monthly gain, shown in the claiming-age table at roughly 12 to 15 years for fully withheld months.

Income tax on benefits, Medicare premiums, state rules and each person's actual benefit record are outside these tables. As of the check date, S. 4184, a Senate bill to repeal the retirement earnings test introduced March 24, 2026, had been referred to the Committee on Finance and no enacted change was found, and 42 USC 403(f)(8)(C) provides that a law increasing the exempt amount, if enacted in the year of the determination, prevents the new amount from taking effect.

Two other points belong in any comparison. The first-year test can make a mid-year retirement cost nothing, as the May case shows, and the monthly cliff can reverse that for a dollar. And the test is on gross wages, so deferring salary into a plan does not change it. Comparing the same salary across claiming ages is the job of the break-even calculator, and combining the result with taxes is a job for the federal income tax brackets guide, whose payroll section explains the Social Security wage base. Part-time bridge income, as in the barista case in the FIRE number guide, meets this limit whenever Social Security has been claimed before full retirement age. The other US tax and retirement guides are listed on the guides hub.

Sources

All checked November 3, 2026.

• Social Security Administration, Cost-of-Living Increase and Other Determinations for 2027, 91 FR 67380 (October 26, 2026), FR Doc. 2026-21796: 3.6 percent increase; retirement earnings test exempt amounts $2,130 and $5,660 a month; annual amounts $25,560 and $67,920; $1-for-$2 and $1-for-$3 rates; wage-index computation.
• Social Security Administration, Cost-of-Living Increase and Other Determinations for 2026, 90 FR 49047 (November 3, 2025), FR Doc. 2025-19763: 2.8 percent increase; exempt amounts $2,040 and $5,430 a month; annual $24,480 and $65,160; prior-year amounts $1,950 and $5,180. A Federal Register query for "retirement earnings test" from January 1, 2025 lists only these two documents.
• 20 CFR Part 404, Subpart E, eCFR, current through October 30, 2026: sections 404.409, 404.410, 404.412, 404.413, 404.415, 404.428, 404.429, 404.430, 404.434, 404.435, 404.446 and 404.452 (the version history shows no change to any of them since December 19, 2016), plus the current text of sections 404.102, 404.304 and 404.311.
• 42 USC 403(b), (f) and 402(q), 409(a) and (i), United States Code, 2024 Edition, govinfo. The 2025 edition is not on govinfo as of the check date, and no enacted amendment to section 403 was found (S. 4184 of the 119th Congress, introduced March 24, 2026 and referred to the Senate Committee on Finance, is on govinfo only in its introduced form).
• Calculations: monthly benefits, reduction percentages and every table above come from one script using the rounding rules in 20 CFR 404.410 (reduction rounded up to the next 10 cents) and 20 CFR 404.304(f) (benefit rounded down to the next dollar). Cost-of-living adjustments are left out of all multi-year cases.