Yes. If you exceed the limit, $15,120 for 2013, $1 of your benefits will be withheld for every $2 you make above the limit.
You must promptly tell Social Security how much you expect to earn so that the correct amount can be withheld. If you receive more benefits than you're entitled to, you'll have to pay them back. Also, you may have to pay a penalty if you didn't promptly notify Social Security.
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