It has been my custom for most of the past 25 years to write a year-end column that summarizes the Social Security changes and updates scheduled to take place the following year. I already discussed some of these changes in…
following year. I already discussed some of these changes in a column back in October when the updates were first announced. But it doesn’t hurt to repeat them here.
People are also reading… Yet here’s the rub: many economists and social planners believe Social Security COLAs are too generous. That’s why most discussions of long-range reform for Social Security include proposals to reduce cost-of-living increases. Although this is a Social Security column, I must mention the upcoming decrease in the Medicare Part B premium, which is deducted from Social Security checks for most people. In 2023, the basic Part B premium will be $164.90. That’s $5.20 less than the 2021 rate. And as has been the case for 20 years now, wealthy people will pay more than the basic premium.
The Social Security taxable earnings base will go up from $147,000 in 2022 to $160,200 in 2023. In other words, people who earn more than $160,200 in 2023 will no longer have Social Security payroll taxes deducted from their paychecks once they hit that threshold. This has always been a very controversial provision of the law. I think it’s a pretty good bet that any eventual Social Security reform package will include an increase in that wage base.
There is a higher earnings threshold in the year a person turns full retirement age that applies from the beginning of the year until the month the person reaches FRA. That threshold goes up from $51,960 in 2022 to $56,520 in 2023.
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