The Social Security Tax Cap Is Up to $16,200 Next Year

Social Security benefits are increasing by 8.7% next year and the Social Security tax cap is also being increased. The change exposes more of your income to taxes and therefore puts more tax dollars in the Social Security system's pockets. If you are younger than your full retirement age, taking Social Security and still working and earning an income, you can earn up to $21,240 next year before benefits will be temporarily withheld. But for those of you who are in the year that you turnyour full retirement age and still work and earning anincome, you can Earn up to $56,520 next year in 2023. This is just over a 4,500 increase from 2022. There is