Are there any Social Security changes coming this year? Yes, there are, and we are here to tell you everything about them. If we know something for sure, it is that every year something changes about Social Security, and almost every retired American and sometimes working ones will feel the effects of this.This is why it is good to know what these changes will be as soon as possible, so you can prepare yourself for them. Sometimes you can do nothing about it, but knowing what you will have to deal with can give you a real advantage.
So, let’s see the Social Security changes coming this year and how they impact you. Are you ready to find out?
1. Bigger incomes will be taxed more
Let’s start this properly and talk about the money business. This year is not the best year for the bigger wallets out there because more income will be taxed. But what does that even mean?
Well, if in 2023 the Social Security payroll tax used to be $160,200, this year things will change and this tax will be increased to $168,600. This is a lot of money, and maybe this change will not affect everyone, but the big earners will surely be affected.
Have you ever heard of the 7.65% FICA that they stop every month from your paychecks? 6.2% of this tax goes to your Social Security, and if you are one of those who earn more than the average, you will need to take more money out of your pocket.
CNBC did some research, and they found out that from all of the workforce, only 6% fall into the category that manages to hit the maximum earnings mark each year. So, if you are a part of this 6%, this is one of the Social Security changes coming this year that might hit your wallet.
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