The earnings limit for those like you who have not yet reached the full retirement age is $1,310 per month, or $20 more per month than in 2014. If you exceed this limit, you’ll lose $1 of benefits for each $2 of benefits over the limit.
An annual payment of money by a company or individual to a person called the annuitant. Payment is for a fixed period or the life of the annuitant. Tax consequences depend on the type of contract and funding.