Social Security can make or break retirement for many people. In fact, around 21% of U.S. adults age 50 and older say they have no other retirement income outside of their benefits, according to a 2023 report from the Nationwide Retirement Institute.

For those relying heavily on Social Security, any changes to the program could have a major effect on retirement. As we get closer to 2024, it's time to start thinking about how next year's adjustments will affect your retirement -- and there's both good and bad news.

You can continue working after taking Social Security, but depending on your age and how much you're earning from your job, your benefits could be reduced.

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Source Fool.com