• HOME
    HOME
  • PROPERTY SEARCH
    PROPERTY SEARCH
    • DREAM HOME FINDER
      DREAM HOME FINDER
    • BERKELEY HEIGHTS HOMES
      BERKELEY HEIGHTS HOMES
    • DUNELLEN HOMES
      DUNELLEN HOMES
    • FANWOOD HOMES
      FANWOOD HOMES
    • METUCHEN HOMES
      METUCHEN HOMES
    • NORTH PLAINFIELD HOMES
      NORTH PLAINFIELD HOMES
    • NEW PROVIDENCE HOMES
      NEW PROVIDENCE HOMES
    • PISCATAWAY HOMES
      PISCATAWAY HOMES
    • SCOTCH PLAINS HOMES
      SCOTCH PLAINS HOMES
    • SOUTH PLAINFIELD HOMES
      SOUTH PLAINFIELD HOMES
    • WATCHUNG HOMES
      WATCHUNG HOMES
    • WARREN HOMES
      WARREN HOMES
    • SOMERSET HOMES
      SOMERSET HOMES
  • HOME SELLERS
    HOME SELLERS
    • HOME VALUATION REQUEST
      HOME VALUATION REQUEST
    • STAGING YOUR HOME FOR SALE
      STAGING YOUR HOME FOR SALE
    • COMMUNITY INFO
      COMMUNITY INFO
    • LOCAL SERVICE PROVIDERS
      LOCAL SERVICE PROVIDERS
    • NEWS FOR HOME SELLERS
      NEWS FOR HOME SELLERS
  • HOME BUYERS
    HOME BUYERS
    • LUXURY HOMES IN CENTRAL NEW JERSEY
      LUXURY HOMES IN CENTRAL NEW JERSEY
    • CONDOS & TOWNHOUSES
      CONDOS & TOWNHOUSES
    • RETIREMENT HOUSING IN NEW JERSEY
      RETIREMENT HOUSING IN NEW JERSEY
    • MORTGAGE CALCULATOR
      MORTGAGE CALCULATOR
    • LOCAL SERVICE PROVIDERS
      LOCAL SERVICE PROVIDERS
    • NEWS FOR HOME BUYERS
      NEWS FOR HOME BUYERS
  • ABOUT ROBIN
    ABOUT ROBIN
    • ABOUT ROBIN
      ABOUT ROBIN
    • CONTACT ME
      CONTACT ME
    • TESTIMONIALS
      TESTIMONIALS
  • BLOG
    BLOG
  • HOME
    HOME
  • PROPERTY SEARCH
    PROPERTY SEARCH
    • DREAM HOME FINDER
      DREAM HOME FINDER
    • BERKELEY HEIGHTS HOMES
      BERKELEY HEIGHTS HOMES
    • DUNELLEN HOMES
      DUNELLEN HOMES
    • FANWOOD HOMES
      FANWOOD HOMES
    • METUCHEN HOMES
      METUCHEN HOMES
    • NORTH PLAINFIELD HOMES
      NORTH PLAINFIELD HOMES
    • NEW PROVIDENCE HOMES
      NEW PROVIDENCE HOMES
    • PISCATAWAY HOMES
      PISCATAWAY HOMES
    • SCOTCH PLAINS HOMES
      SCOTCH PLAINS HOMES
    • SOUTH PLAINFIELD HOMES
      SOUTH PLAINFIELD HOMES
    • WATCHUNG HOMES
      WATCHUNG HOMES
    • WARREN HOMES
      WARREN HOMES
    • SOMERSET HOMES
      SOMERSET HOMES
  • HOME SELLERS
    HOME SELLERS
    • HOME VALUATION REQUEST
      HOME VALUATION REQUEST
    • STAGING YOUR HOME FOR SALE
      STAGING YOUR HOME FOR SALE
    • COMMUNITY INFO
      COMMUNITY INFO
    • LOCAL SERVICE PROVIDERS
      LOCAL SERVICE PROVIDERS
    • NEWS FOR HOME SELLERS
      NEWS FOR HOME SELLERS
  • HOME BUYERS
    HOME BUYERS
    • LUXURY HOMES IN CENTRAL NEW JERSEY
      LUXURY HOMES IN CENTRAL NEW JERSEY
    • CONDOS & TOWNHOUSES
      CONDOS & TOWNHOUSES
    • RETIREMENT HOUSING IN NEW JERSEY
      RETIREMENT HOUSING IN NEW JERSEY
    • MORTGAGE CALCULATOR
      MORTGAGE CALCULATOR
    • LOCAL SERVICE PROVIDERS
      LOCAL SERVICE PROVIDERS
    • NEWS FOR HOME BUYERS
      NEWS FOR HOME BUYERS
  • ABOUT ROBIN
    ABOUT ROBIN
    • ABOUT ROBIN
      ABOUT ROBIN
    • CONTACT ME
      CONTACT ME
    • TESTIMONIALS
      TESTIMONIALS
  • BLOG
    BLOG
To Blog

Big Social Security Changes Due in 2023

October 13, 2022
-
Blog
-
No comments
-
Posted by Robin Taylor Roth

Social Security recipients should be aware of several important changes scheduled in 2023. The changes will happen automatically and require no action by seniors currently receiving benefits, according to the Social Security Administration. Here are three of the most significant:

A big raise in COLA – Because of surging inflation, and to ensure that seniors can maintain their buying power, the Cost-of-Living Adjustment (COLA) next year will be about 10.8%. For a senior receiving $1661, for example, that will mean a monthly increase of about $180.
An increased wage base limit – Workers pay Social Security taxes each year on income up to a certain limit, called the wage base limit. The wage base limit is linked to the National Average Wage Index (NAWI), which will almost definitely increase. As a result, a larger amount of income is likely going to be subject to Social Security tax next year. In 2022, the limit is $147,000. If you earn more than that, no additional Social Security tax is owed, and no income above this threshold is counted when your benefits are calculated as a retiree.
Delayed full retirement age – Retirees receive a standard Social Security benefit based on average wages. This standard benefit is paid to those who get their first benefits at a designated full retirement age (FRA). The FRA was 65 when the Social Security program began, but thanks to amendments passed in 1983, it is gradually being raised. For those born in 1956, FRA was 66 and four months. For anyone born in 1957, it’s 66 and six months. If you were born in 1958, it’s 66 and eight months, and retirees with a 1959 birthday will have to wait until they are 66 and 10 months old to be eligible for standard benefit. Finally, anyone born in 1960 or after is going to have to wait until 67 to avoid seeing their checks reduced due to early filing.

PREVIOUS POST
Four Things That Help Determine Your Mortgage Rate
NEXT POST
Perspective Matters When Selling Your House Today

Robin Taylor Roth

Find Your Dream Home
Price
Beds
Baths
More
Save Search
Get In Touch!

What is My Home Worth?

Leave a Comment

Your feedback is valuable for us. Your email will not be published.
Cancel Reply

Please wait...
Submit Comment →

Related News

Other posts that you should not miss

4 POPULAR KITCHEN DESIGN REQUESTS FOR 2022

July 19, 2022
-
Posted by Robin Taylor Roth

Design experts share the latest trends for today’s home buyers.By Aly J. Yale Christopher MayerLarge kitchen islands, like this one in Trumark’s Perch …

Read More →
Blog
4 MIN READ

REPORT: MILLENNIALS ANTICIPATE PURCHASING A HOME POST-STUDENT LOA

September 12, 2022
-
Posted by Robin Taylor Roth

Source/Credits: builderonline websiteThe majority of respondents to a Rocket Mortgage survey indicated they would be able to buy a home sooner …

Read More →
Blog
2 MIN READ

Are You Up to the 52-Week Savings Challenge?

May 26, 2022
-
Posted by Robin Taylor Roth

If you’re like many Americans, you wish you were saving more money than you are. Maybe you toss your change into …

Read More →
Blog
2 MIN READ
Contact Me

Robin Taylor Roth
Berkshire Hathaway HomeServices New Jersey Properties
225 Maple Avenue South, South Plainfield, NJ 07080
NJ #0897458

Office : 908.755.5300
Cell : 908.612.4962
Email : robintaylorroth@BHHSNJ.com

Your Contact Info

     

    Agent Login

    © 2022 Robin Taylor Roth ©2017 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity. Information not verified or guaranteed. If your home is currently listed with a Broker, this is not intended as a solicitation.

    Big Social Security Changes Due in 2023 - Central New Jersey Real Estate

    Attraction in Dunellen Boro, NJ

    778 Frenchtown Rd
    Powered by Yelp
    The Famous River Hot Dog Man
    The Famous River Hot Dog Man - Milford Yelp Rating 17 reviews
    Rafting/Kayaking, Tubing
    80 Old York Rd
    Powered by Yelp
    Old York Cellars
    Old York Cellars - Ringoes Yelp Rating 208 reviews
    Wineries, Wine Tours
    778 Frenchtown Rd
    Powered by Yelp
    Delaware River Tubing
    Delaware River Tubing - Milford Yelp Rating 227 reviews
    Rafting/Kayaking, Boating, Tubing
    220 Rte 22 W
    Powered by Yelp
    Crystal Toyota
    Crystal Toyota - Green Brook Township Yelp Rating 107 reviews
    Car Dealers, Oil Change Stations, Auto Parts & Supplies
    Powered by Yelp
    Derrick Joseph Psychic Medium
    Derrick Joseph Psychic Medium - Philadelphia Yelp Rating 28 reviews
    Psychic Mediums, Life Coach
    360 Industrial Loop
    Powered by Yelp
    WeGotLites
    WeGotLites - Staten Island Yelp Rating 46 reviews
    Home Decor, Lighting Fixtures & Equipment
    378 Route 6 & 209 Matamoras Base
    Powered by Yelp
    Kittatinny Canoes
    Kittatinny Canoes - Milford Yelp Rating 77 reviews
    Rafting/Kayaking, Tubing
    1055 US Hwy 1
    Powered by Yelp
    Worldwide Wholesale Floor Coverings
    Worldwide Wholesale Floor Coverings - Edison Yelp Rating 88 reviews
    Carpeting, Hardware Stores
    Powered by Yelp
    The Happy Wanderer Travel Agency
    The Happy Wanderer Travel Agency - Plainfield Yelp Rating 1 reviews
    Travel Agents, Tours
    378 Route 6 & 209
    Powered by Yelp
    Kittatinny Canoes
    Kittatinny Canoes - Milford Yelp Rating 28 reviews
    Campgrounds, Tubing, Rafting/Kayaking
    104 Lyons Mall
    Powered by Yelp
    Basking Ridge Limousine Services
    Basking Ridge Limousine Services - Basking Ridge Yelp Rating 1 reviews
    Limos, Airport Shuttles, Town Car Service
    420 W 1st Ave
    Powered by Yelp
    Granitetop
    Granitetop  - Roselle Yelp Rating 7 reviews
    General Contractors, Kitchen & Bath
    Powered by Yelp
    The Ilka Pinheiro
    The Ilka Pinheiro - New York Yelp Rating 16 reviews
    Reiki, Psychic Mediums, Counseling & Mental Health
    305-B New Dorp Ln
    Powered by Yelp
    Gables New York
    Gables New York - Staten Island Yelp Rating 9 reviews
    Home Decor, Shades & Blinds, Shutters
    70 Commerce St
    Powered by Yelp
    Frank's Express
    Frank's Express - Brooklyn Yelp Rating 123 reviews
    Movers, Packing Services, Packing Supplies
    45 Main St Ste 202
    Powered by Yelp
    Block Renovation
    Block Renovation - Brooklyn Yelp Rating 76 reviews
    Kitchen & Bath, General Contractors