With a nearly double-digit COLA for 2023, next year may see the largest boost in Social Security benefits in four decades.

The three pay base projections offered by the SSA indicate an increase to $155,100 by 2023.

While receiving Social Security retirement or survivor benefits, you can work; check ssa.gov.

For governmental reasons, you are deemed retired once you start collecting Social Security retirement benefits.

SSA may lower your benefit amount if you are under full retirement age and earn more than the annual income cap.

For every $2 you earn over the annual cap while not at full retirement age, the SSA deducts $1 from your benefit payments.

That amount is fixed as $19,560 for 2022.

The SSA deducts $1 in benefits for every $3 you earn beyond a specific threshold in the year you reach full retirement age.

This ceiling on your compensation is $51,960 in 2022.

You'll start receiving your maximum benefit ($800 per month) as of August 2022, when you reach full retirement age.

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