{"id":556478,"date":"2023-02-24T21:39:50","date_gmt":"2023-02-24T18:39:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/6-shakeups-to-social-security-expected-in-the-new-year\/"},"modified":"2023-02-24T21:39:50","modified_gmt":"2023-02-24T18:39:50","slug":"6-shakeups-to-social-security-expected-in-the-new-year","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/6-shakeups-to-social-security-expected-in-the-new-year\/","title":{"rendered":"#6 Shakeups to Social Security Expected in the New Year"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a326bccd00d7\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a326bccd00d7\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/6-shakeups-to-social-security-expected-in-the-new-year\/#6_Shakeups_to_Social_Security_Expected_in_the_New_Year\" >6 Shakeups to Social Security Expected in the New Year<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/6-shakeups-to-social-security-expected-in-the-new-year\/#New_COLA_Takes_Effect\" >New COLA Takes Effect<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/6-shakeups-to-social-security-expected-in-the-new-year\/#Increase_in_Social_Security_Disability_Thresholds\" >Increase in Social Security Disability Thresholds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/6-shakeups-to-social-security-expected-in-the-new-year\/#SSI_Federal_Payment_Standard_Rises\" >SSI Federal Payment Standard Rises<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/6-shakeups-to-social-security-expected-in-the-new-year\/#Maximum_Taxable_Earnings_Will_Increase_for_Those_Still_Working\" >Maximum Taxable Earnings Will Increase for Those Still Working<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/6-shakeups-to-social-security-expected-in-the-new-year\/#Change_to_Earnings_Test_Exempt_Amounts\" >Change to Earnings Test Exempt Amounts<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"6_Shakeups_to_Social_Security_Expected_in_the_New_Year\"><\/span>6 Shakeups to Social Security Expected in the New Year<span class=\"ez-toc-section-end\"><\/span><\/h1>\r\n<div id=\"\"><div class=\"article-category\">\n                                Retirement \/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Security                            <\/div>\n                            \n                            \n                                                        \n                            <div class=\"article-thumbnail\">\n    <div class=\"article-thumbnail--thumbnail\" style=\"padding-top: 56%;\">\n        <img decoding=\"async\" src=\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2022\/11\/iStock-1420844102-2.jpg?webp=1&amp;w=675&amp;quality=75\" class=\"attachment-full size-full wp-post-image\" alt=\"Lake Elsinore, CA, USA - January 30, 2022: Fake Social security card on prop US currency - Concept of Social Security Benefits.\" sizes=\"(max-width: 1920px) 100vw, 1920px\"><\/div>\n    <p>\n                    Richard Stephen \/ Getty Images\/iStockphoto            <\/p>\n<\/div>\n<p>Social Security will be seeing a lot of changes in 2023, many of them tied to the biggest cost-of-living adjustment (COLA) in more than 40 years. The new COLA will impact payments to Social Security beneficiaries, but it\u2019s not the only change you will see in 2023.<\/p>\n\n<p><strong><em>Social Security: No Matter Your Age, Do Not Claim Benefits Until You Reach This Milestone<br>Read More: 5 Things You Must Do When Your Savings Reach $50,000 <\/em><\/strong><\/p>\n\n<p>Following are six changes to the program you can expect in the new year, according to a recently published fact sheet from the Social Security Administration.<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"New_COLA_Takes_Effect\"><\/span>New COLA Takes Effect<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n<p>The big <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> for 2023 is an 8.7% jump in the Social Security COLA, which is the highest since an 11.2% increase in 1981. The COLA\u2019s steep hike next year is due to this year\u2019s soaring inflation rate, which is also the biggest in 41 years.<\/p>\n\n<p>The average monthly Social Security payment for all retired workers will rise to an estimated $1,827 in 2023 from $1,681, the SSA said \u2013 a gain of $146 a month.<\/p>\n\n<p>For anyone receiving Social Security benefits, the new payment amount will start in January 2023, according to the SSA. For those receiving Supplemental Security Income (SSI), the new payment amounts will begin on Dec. 30, 2022. Beneficiaries who receive both types will see their payments follow the same schedule, with the SSI increase arriving shortly before the Social Security increase.<\/p>\n\n<p>One thing to keep in mind: The 2023 COLA of 8.7% won\u2019t <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ly to all Social Security recipients. Some payment increases will be higher than 8.7% and some will be lower due to a variety of factors, including your primary insurance amount (PIA) and when you sign up for Medicare. Beginning in December, the SSA will start mailing COLA notices to beneficiaries providing details on next year\u2019s payment amounts.<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"Increase_in_Social_Security_Disability_Thresholds\"><\/span>Increase in Social Security Disability Thresholds<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n<p>The SSA pays monthly benefits to people who are unable to work for a year or more because of a disability, and the benefits usually continue until recipients can work again on a regular basis. However, there are also instances when you might have a qualifying disability even if you\u2019re still working, such as if you can\u2019t do work you previously did because of your medical condition. In this case, you are only eligible up to a certain amount of income. When you pass that threshold, you cannot be considered to have a qualifying disability. Following are the threshold changes for next year, based on average monthly earnings:<\/p>\n\n<div class=\"snippet-in-content snippet-in-content--user-first-text-ad-2\">\n        \n<p><em><strong>See: <\/strong><\/em><strong><em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/products.gobankingrates.com\/pub\/548486c1-d964-4bc1-83c9-3054b7360a0e?targeting%5Bcategory%5D=retirement&amp;targeting%5Bsubcategory%5D=social-security&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1517226&amp;targeting%5Bcurrent_internal_id%5D=1210976&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=theme-news-events&amp;targeting%5Bcreative_type%5D=gbr-text-ad&amp;targeting%5Bcontent%5D=retirement-wrl&amp;targeting%5Bzone%5D=UF-text-ad-2&amp;resize=1\" data-param=\"1\">With A Recession Looming, Take These 3 Retirement Moves To Stay On Track<\/a><\/em><\/strong><\/p>\n    <\/div><figure class=\"wp-block-table\"><table><tbody><tr><td><\/td><td><strong>2022<\/strong><\/td><td><strong>2023<\/strong><\/td><\/tr><tr><td>Non-Blind<\/td><td> $1,350\/month <\/td><td> $1,470\/month <\/td><\/tr><tr><td>Blind<\/td><td> $2,260\/month<\/td><td> $2,460\/month<\/td><\/tr><tr><td> Trial Work Period (TWP) <\/td><td> $970\/month<\/td><td> $1,050\/month<\/td><\/tr><\/tbody><\/table><\/figure><h3><span class=\"ez-toc-section\" id=\"SSI_Federal_Payment_Standard_Rises\"><\/span>SSI Federal Payment Standard Rises<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n<p>Social Security recipients who also qualify for Supplemental Security Income (SSI) benefits will see an increase in the maximum Federal SSI payment amounts in 2023, based on the 8.7% COLA. For individuals, the standard rises to $914 a month from $841 in 2022. For couples, the payment rises to $1,371 a month in 2023 from $1,261 in 2022.<\/p>\n\n<p>Rise in Max Benefits for Workers Retiring at Full Retirement Age<\/p>\n\n<p>Americans who retire at full retirement age \u2014 either 66 or 67, depending on when you were born \u2014 will see a bump in their maximum benefits next year. The maximum will rise to $3,627 a month in 2023 from $3,345 a month in 2022.<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"Maximum_Taxable_Earnings_Will_Increase_for_Those_Still_Working\"><\/span>Maximum Taxable Earnings Will Increase for Those Still Working<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n<p>Anyone who has ever received a paycheck knows that part of that check is withheld to pay Social Security taxes. There is a limit on the amount of your annual earnings that can be taxed by Social Security, called the maximum taxable earnings. That limit will rise to $160,200 in 2023 from $147,000 in 2022.<\/p>\n\n<h3><span class=\"ez-toc-section\" id=\"Change_to_Earnings_Test_Exempt_Amounts\"><\/span>Change to Earnings Test Exempt Amounts<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n<p>Social Security withholds benefits if your earnings exceed a certain level and if you are under the full retirement age (FRA). This is called the retirement earnings test exempt amount. According to the SSA, one of two different exempt amounts apply \u2014 a lower amount in years before the year you reach FRA and a higher amount in the year you reach FRA.<\/p>\n\n<p><strong><em>Take Our Poll: How Do You Typically Split the Restaurant Bill?<\/em><\/strong><\/p>\n\n<p>If you are under full retirement age, the earnings test exempt amount rises to $1,770 a month in 2023 from $1,630 a month in 2022. If you have reached FRA, the amount rises to $4,710 a month in 2023 from $4,330 in 2022.<\/p>\n\n<p class=\"wp-block-paragraph\"><strong><em>More From GOBankingRates<\/em><\/strong><\/p>\n\n\n\n\n                        <\/div>\r\n<blockquote><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/blockquote>\r\n<blockquote>\r\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\r\n<\/blockquote>\r\n<blockquote>\r\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\r\n<\/blockquote>\r\n\r\n<span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.gobankingrates.com\/retirement\/social-security\/6-shakeups-social-security-expected-new-year\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span>","protected":false},"excerpt":{"rendered":"<p>6 Shakeups to Social Security Expected in the New Year Retirement \/ Social Security Richard Stephen \/ Getty Images\/iStockphoto Social Security will be seeing a lot of changes in 2023, many of them tied to the biggest cost-of-living adjustment (COLA) in more than 40 years. The new COLA will impact payments to Social Security beneficiaries,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":556479,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2022\/11\/iStock-1420844102-2.jpg","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-556478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/556478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=556478"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/556478\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/556479"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=556478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=556478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=556478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}