Rising Senior Benefits In 2023 Giving You More Money

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

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The higher taxable income will mean workers will be paying slightly higher taxes.

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The retirement earnings test applies only to people below normal retirement age (NRA).

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The Social Security monthly benefit changes based on individual circumstances and applying the 8.7% COLA.

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They will withhold benefits if your earnings exceed a certain level or a retirement earnings test exempt amount.

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Each year the Medicare Part B premium, deductible, and coinsurance rates are determined according to the Social Security Act.

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Rising Senior Benefits In 2023 Giving You More Money

With high inflation, a bear market, supply constraints, and talk about recession throughout the year, it’s been challenging for seniors and retirees.

It’s about time for retirees to get a well-deserved break in 2023, which will happen on several fronts.

We’ll walk through the net positives you should expect in 2023, but first, let’s look at the retiree landscape.

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.

The higher taxable income will mean workers will be paying slightly higher taxes.

2. Increase In Maximum Taxable Earnings

The retirement earnings test applies only to people below normal retirement age (NRA).

3. Retirement Earnings Test Exempt Amounts

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

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

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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