En español |The Social Security Administration does not break the $17,040 (in 2018) Retirement Earnings Limit into monthly amounts. Your benefits will not be affected until your combined annual earnings exceeds $17,040. If you earn $14,000 in January and no other income for the year, your benefit will not be reduced. If you do earn more than the $17,040 limit, your benefit will be reduced by $1 for every $2 in earnings over the limit. The only exception to this rule is in the first year you claim. At this time, you will be subject to a monthly maximum of $1,420 until January of the following year.