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Once you reach full retirement age, the earnings limit is removed and you can collect your full benefits regardless of other income you earn. 2023 Social Security Formula
The maximum benefit for Social Security claimants at full retirement age will be $3,627 a month in 2023, according to the SSA — up from $3,345 in 2022. ... but the amount of income subject to it ...
If you’re before full retirement age: Those earning more than the earnings limit ($22,320 for 2023) will have $1 withheld from their Social Security benefit for every $2 earned above the limit.
Social Security isn't designed to entirely replace the average worker's income. The average retired worker's benefit was $1,919.40 in July. That's hardly enough to cover the basics for most ...
Year. Social Security's Taxable Earned Income Ceiling. Year. Social Security's Taxable Earned Income Ceiling. 1984. $37,800. 2005. $90,000. 1985. $39,600. 2006. $94,200
That sum, often referred to as the "maximum taxable earnings," is determined by the SSA each year. For 2024, it's $168,600 (up from $160,200 in 2023 and $147,000 in 2022).