Big Changes To Social Security In 2023
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 24 October 2022
⏱️ 25 minutes
🧾️ Download transcript
Summary
- The 2023 cost of living adjustment
- The 2023 Earnings Limit
- The 2023 Maximum Family Benefit Formula
- The amount needed to earn one credit
- The Windfall Elimination Provision (WEP) penalty
- The maximum taxable wage base
- The Substantial Gainful Activity (SGA) thresholds
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.6 | Hello, everyone. Welcome to the Big Picture Retirement Show. I'm your host, Devin. |
| 0:14.7 | Join today, as always, by John K. K. Roth Esquire. |
| 0:19.1 | Hi, John. Howdy. |
| 0:25.7 | Yeah. by John K. Roth Esquire. Hi, John. Howdy. So, John, I thought I would introduce you with a pomp that's necessary for the conversation |
| 0:30.7 | that we're having today. |
| 0:31.6 | Well, you failed. |
| 0:32.4 | I mean, if you're going to introduce me with a ridiculous title, you should at least point out that it's John K. Ross, the fourth. |
| 0:40.6 | Oh, I left it out. I cannot believe that. I was just thinking, how can I make this as embellished as possible? And it is the fourth. That is much more distinguished. |
| 0:49.6 | It is, right. I mean, it's almost royal in nature. It is. Yeah. No, pretentious as I'll get out. |
| 0:59.5 | All right. |
| 1:00.2 | So we just had a big day passes. |
| 1:01.8 | October 13th. |
| 1:02.9 | For someone who follows Social Security, that's like Christmas Day because you're |
| 1:07.4 | given all the gifts. |
| 1:10.5 | That's a ridiculous analogy. No, it's not either. You're given all the gifts. That's a ridiculous analogy. |
| 1:12.4 | No, it's not either. |
| 1:13.6 | You're given all of this. |
| 1:15.1 | You find out what the last month in the third quarter CPIW is. |
| 1:20.1 | So you know what the cost of living increase is. |
| 1:22.3 | And that cost of living increase tells you how much benefits are going to go up next year, |
... |
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