Impact of a 23% reduction in benefits for a high-earning retiree
2023 Social Security benefit
$3,225 per month = $1,161,000 over 30 years
Potential 2033 reduced benefit
$2,483 per month = $893,880 over 30 years
Note: for a retiree whose earnings equaled or exceeded Social Security's maximum taxable income and filed at full retirement age. Source: Social Security Administration.