I just read this information on a MarketWatch article by Jessica Hall and Alessandra Malito. I thought I would share for those of you that are interested due to receiving Social Security already or will be soon.
Some highlights from the article are:
- The cost-of-living adjustment for 2023 will be 8.7%, according to the Social Security Administration — the largest increase for Social Security benefits in more than four decades.1
- On average, Social Security benefits will increase by more than $140 per month starting in January.1
- Medicare Part B premiums might also be impacted. Most beneficiaries must pay a standard premium for this part of their insurance every month, but those with higher incomes pay more. In 2023, Medicare Part B premiums are decreasing about $5 a month, from $170.10 in 2022 to $164.90 in 2023.1
- Another change will be an increase in the amount of maximum earnings subject to the Social Security tax. The amount will increase to $160,200 from $147,000.1
- The earnings limit for workers who are younger than full retirement age will increase to $21,240 and the earnings limit for people reaching their full retirement age in 2023 will increase to $56,520. There is no limit on earnings for workers who are full retirement age or older for the entire year.1
To read more, click on the web link below:
1. Source: MarketWatch Article by Jessica Hall and Alessandra Malito - https://www.marketwatch.com/story/social-security-cola-2023-benefits-are-getting-an-8-7-bump-heres-what-that-means-for-recipients-11665664451