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This bill increases the amount of income that individuals who are younger than their full retirement age may earn without incurring a reduction in their Social Security retirement benefits. Under current law, retirement benefits are reduced for beneficiaries who are younger than their full retirement age (generally 66-67, depending on year of birth) if their earnings exceed an annual limit. This bill increases the limit ($21,240 in calendar year 2023) to $30,000. Under current law, this limit is adjusted annually for wage inflation.
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