The Social Security Administration has announced a new program that will allow certain retirees to earn additional income and increase their Social Security checks by up to $450 per month. The program, called the Social Security Earnings Test Exemption for Self-Employment Income, will allow retirees who have started their own businesses to earn up to $18,240 in self-employment income in 2022 without having their benefits reduced. Previously, retirees who earned more than $18,960 in self-employment income were subject to having their benefits reduced. This change is expected to benefit approximately 450 retirees who have started businesses since reaching their full retirement age.
