What’s changing about Social Security in 2023? What’s staying the same?
As with most programs of this size and scope, there’s a lot to know about as the new year arrives.
This great piece by Christy Bieber of Yaktri News highlights a few important changes, and a couple points that will remain the same as the years change.
What’s new? There’s the increase in taxable income, which rises to $160,200. Seniors will also get an 8.7 percent cost-of-living-adjustment (COLA) as we previously reported on. Finally, seniors who work while collecting benefits can now earn more, which will help greatly in this economy.
While the income taxed to fund Social Security is raising, the threshold at which benefits themselves become taxable won’t be. The same can be said for the early filing option and the system for delayed retirement credits.