Welcome to the State Walthy podcast. I'm your host, Taylor Schulte, and today I'm sharing

three big retirement planning updates for 2023. Specifically, I'm sharing a summary of

important changes to Social Security payments, Social Security taxation, and Medicare Part B premiums. I'm also sharing an update on Secure

Act 2.0, a couple of key highlights from the bill, and when we might finally expect it to

officially be passed. So if you're wrapping up your year-end planning and starting to think about

2023 and beyond, this episode is for you. For the links and

resources mentioned today, just head over to you staywealthy.com forward slash 171.

The first update that I have to share with you today is likely one that you're already aware of.

It's already crossed your desk, but I wouldn't be doing my job here as retirement podcast hosts if I didn't at least highlight it briefly and also provide

some additional details that you may or may not be taking into consideration. And this update is

that social security payments are once again going up next year. Specifically, about 70 million

Americans will see an 8.7% increase in their

Social Security benefits in 2023 due to the rise in inflation and in turn the rise in the cost

of living. In other words, prices for goods and services are significantly higher this year

than last and this increase in Social Security payments,

which will be about $140 more per month on average, this increase helps to offset those higher costs.

Even better, those who are collecting the maximum monthly payout at full retirement age,

and by the way, this only represents about

2% of all recipients. But for those collecting the maximum monthly payout, those 2% of recipients,

they'll see an increase of $282 per month next year. And that's after the $197 per month

bump that they received the year prior. So an increase of almost $500

more per month in Social Security income for those receiving the maximum payout over the last two

...