Three Big Social Security Changes For 2023
The abnormally large 8.7% cost of living adjustment is just one of three major program changes for 2023. As Trevor Jennewine writes, one can earn more in 2023 if under full retirement age and collecting benefits before cuts ensue. Also, the payroll cap is going up, which means the maximum benefit one can earn rises as well, to $4,555 per month in 2023. But achieving that benefit is rare, as one would have to wait until age 70 to claim and have wages at or above the payroll cap for a full 35 or more years. Full piece here.