Seven Changes To Social Security Benefits For 2023

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Benefits For Retirees Changes Every October Of The Year, Which Includes The Cost Of Living And Increase In Disability Benefits. Which Then Listed The Seven Changes To Be Implemented In 2023.

 

tax change
Seven Changes To Social Security Benefits For 2023 (Photo: Wheeler Accountants)

Changes In taxes starting 2023.

The social security changes include the Cost-of-living check, maximum earnings tax, and increase in disability benefits, herein are the seven changes to the Benefits:

 

An increase in the cost-of-living adjustment.

The COLA for 2023 rose to 8.7% that boosted the paychecks in 2023, The biggest increase in 40 years. In 2024, it will be 3.1%, according to Senior Citizens league.

 

Earnings limits increased for those who retire early.

Pay raise is given to employees who rendered service until they retire and even when they retire, they are also given the maximum retirement.

 

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Increased maximum monthly payout at full retirement age.

Recipients who retire at full age of 67 they will receive $3,627 per month, there is an increase of $282 from 2022. Those who retire early will only receive $2,572 a reduced benefit permanently.

 

Taxable income rises to a maximum of $160,000.

Employees are required to pay a 6.2% in social security with an annual income of $160,200 this year. The taxable income increased to $12,000 compare to 2022.

 

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Social Security benefits for disabled workers increase.

Disable recipients have an increase of 8.7% in their monthly paychecks. These paycheck is supposedly replace what they have lost because of their disability.

 

Experts warn Social Security trust funds could be depleted by 2034.

The Medicare trust fund and social security can face depletion by 2030s, if the problem will not be addressed, the discussion has been going on in congress for years. If nothing happens, Retirees and or survivorship will only receive 77% of their benefits by 2033.

 

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Credit earning threshold goes up.

Those who were born in 1929, have a one of those 40 credits gone up. Employees can only take One credit every retirement per year.

 

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