Retirement Planner: How We Deduct Earnings From Benefits. In 2017, the annual earnings limit is $16,920 if you’re under full retirement age. If you will reach full retirement age in 2017, the limit on your earnings for the months before full retirement age is $44,880. Starting with the month you reach full retirement age, there is no limit on how much you can earn and still receive your benefits. Are under full retirement age all year. You are entitled to $800 a month in benefits. ($9,600 for the year) You work and earn $26,920 ($10,000 over the $16,920 limit) during the year.