6. Higher earnings test
If you are still working after you have filled out your Social Security benefits, then you might want to hear about this. The Social Security changes coming this year will also bring earnings tests that are based on your current income.
The SSA reports that this year, the earnings excluded from the retirement earnings test will increase to $22,320 from $21,240 in 2023. These tests are made to help your earnings adjust better to the current economic landscape, and considering inflation, this is a much-needed change.
In case you want to know even more details about the higher earnings, we are here to help. So, benefits withhold $1 for each $2 beyond the above-mentioned cap in earnings. But these rules will no longer apply once you reach retirement age. Imagine it as a tool that helps you adjust as you transition to a new phase of your life.
Every year comes with changes, but it is easy to notice that the Social Security changes coming this year are for the better. Almost all of them are increases in benefits, and this is particularly good considering our current economy.
What do you think about these Social Security changes coming this year? Tell us your thoughts in the comments section.
If you want to learn more about Social Security, this book might help you: Social Security For Dummies
You should also read: Medicare Open Enrollment: 8 Things You Should Know
I collect SSI benefits being a widow. My question is some months I get my check on first Friday of the month and others it is the second Friday. I rely on this check to pay my rent and need it to be consistently n first Friday. Can anyone explain why the payment dates change each month
Will there be changes for people receiving SSDI?
Once again, those awful laws, GPO and WPC, are not changed. Both affect me. I cannot access my late husband’s SS benefits (which were much better than mine) and — another punch in the gut — my own meager SS benefits are reduced because I have a decent Government pension. My own SS benefit does not even pay for my Medicare, which I have to pay double for.
Eliminating those two laws, which mostly affect widows who have worked for the government, would correct an injustice.
I’m a WW2 veteran now 98 years old. I’m now disabled and need help. I own my home but it needs a lot of attention. I’m finding absolutely no help in finding that help. Are those of s=us from World Two just forgotten now?
Has there been any Congressional discussion to remove the Federal & state governments from taxing Social Security since this money was taxed when it was earned by each individual that is receiving a SS check. It appears as double taxation to me & completely unfair .
Thank you