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When you reach full retirement age, the income limit increases to $56,520 (for 2023) without the cut in benefits. Wherein for every $3 you exceed that limit, $1 in benefits will be withheld.
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Usually this rate at the rate of 6.2 percent. In 2023, the maximum income will increase to $160,200, meaning that more of the employee's income will be subject to tax.
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Social Security benefits will continue to increase by 8.7% through 2023.
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If you paid Social Security taxes during your life, you will be eligible to apply for Social Security benefits after retirement.
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Next steps