Rising Senior Benefits In 2023 Giving You More Money
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With high inflation, a bear market, supply constraints, and talk about recession throughout the year, it’s been challenging for seniors and retirees.
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It’s about time for retirees to get a well-deserved break in 2023, which will happen on several fronts.
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We’ll walk through the net positives you should expect in 2023, but first, let’s look at the retiree landscape.
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1. Boosting Cost-of-Living Adjustments
Starting in January 2023, there will be an 8.7% cost-of-living adjustment or COLA in benefit checks for Social Security and Social Security Income.
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The higher taxable income will mean workers will be paying slightly higher taxes.
2. Increase In Maximum Taxable Earnings
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The retirement earnings test applies only to people below normal retirement age (NRA).
3. Retirement Earnings Test Exempt Amounts
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The Social Security monthly benefit changes based on individual circumstances and applying the 8.7% COLA.
4. Estimated Average Monthly Social Security Benefits Payable in January 2023
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They will withhold benefits if your earnings exceed a certain level or a retirement earnings test exempt amount.
5. Exempt Amounts Under The Earnings Test
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Each year the Medicare Part B premium, deductible, and coinsurance rates are determined according to the Social Security Act.
6. Medicare Premiums Are Declining In 2023
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