A 70 year old recipient of social security retirement benefits may have unlimited earned income without having a reduction in benefit payments. However, wages from work and investment income may make 1/2 of the social security subject to federal income taxes, if the combined amounts exceed designated limits, depending on your marital filing status.. . addition 11/28. If you have additional earned income and it is not reported to the IRS and the SSA, then you may lose out on credits that could boost your SS benefits.