{"id":15169,"date":"2023-05-09T09:48:57","date_gmt":"2023-05-09T14:48:57","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=15169"},"modified":"2023-05-11T09:58:42","modified_gmt":"2023-05-11T14:58:42","slug":"social-security-changes-retirees-should-know","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/social-security-changes-retirees-should-know","title":{"rendered":"Are Your Retirement Ready? Social Security Updates for Iowans"},"content":{"rendered":"<p><b>As you approach retirement, it\u2019s essential for Iowans to understand the Social Security changes that may impact your benefits. <\/b><\/p>\n<p><span style=\"font-weight: 400;\">Social Security is a critical source of income for many retirees, and making informed decisions about when to start collecting benefits can affect your retirement income.\u00a0<span style=\"font-weight: 400;\">In this blog, we will discuss some essential Social Security changes to be aware of.<\/span><\/span><\/p>\n<h4><b>Understanding Full Retirement Age<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Your full retirement age (<a href=\"https:\/\/johnsonwim.com\/raising-the-retirement-age\">FRA<\/a>) is when you can receive your full Social Security retirement benefit. The FRA is 66 for those born between 1943 and 1954. For those born between 1955 and 1959, the FRA gradually increases yearly by two months. For those born in 1960 or later, the FRA is 67.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you choose to collect Social Security before your FRA, your monthly benefit amount will be permanently reduced. The reduction amount is based on how early you decide to collect benefits.\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">For example, if your FRA is 66 and you begin collecting benefits at 62, your monthly benefit will be reduced by up to 30 percent.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Understanding your FRA and the impact of taking benefits early or delaying them can help you make informed decisions about your retirement finances. It\u2019s important to note that your FRA may also impact your spouse\u2019s benefit amount if they are entitled to spousal benefits based on your work record. Let\u2019s look at some of the changes affecting Social Security for retirees.<\/span><\/p>\n<h4><b>Cost of Living Adjustments (COLA) Is Increasing<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Social Security benefits are adjusted annually to keep up with inflation, using the Consumer Price Index (CPI). In recent years, the adjustments have been minor, leading to concerns about the adequacy of benefits for retirees. However, the <\/span><a href=\"https:\/\/faq.ssa.gov\/en-us\/Topic\/article\/KA-01951#:~:text=Social%20Security%20benefits%20and%20Supplemental,beneficiaries%20receive%20in%20January%202023.\"><span style=\"font-weight: 400;\">Social Security Administration (SSA) has announced <\/span><\/a><span style=\"font-weight: 400;\">a substantial increase of 8.7% for benefit checks in 2023. This is even higher than the 5.9% increase in 2022, the highest adjustment since 1981. <\/span><\/p>\n<p><strong>Here is the level of adjustments that recipients have enjoyed over the five years.<\/strong><\/p>\n<table class=\"Table Table--text Table--bordered Table--spacing1\">\n<thead>\n<tr>\n<th>Year<\/th>\n<th>COLA increase<\/th>\n<th>Year<\/th>\n<th>COLA increase<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>2023<\/td>\n<td>8.7%<\/td>\n<td>2018<\/td>\n<td>2.0%<\/td>\n<\/tr>\n<tr>\n<td>2022<\/td>\n<td>5.9%<\/td>\n<td>2017<\/td>\n<td>0.3%<\/td>\n<\/tr>\n<tr>\n<td>2021<\/td>\n<td>1.3%<\/td>\n<td>2016<\/td>\n<td>0%<\/td>\n<\/tr>\n<tr>\n<td>2020<\/td>\n<td>1.6%<\/td>\n<td>2015<\/td>\n<td>1.7%<\/td>\n<\/tr>\n<tr>\n<td>2019<\/td>\n<td>2.8%<\/td>\n<td>2014<\/td>\n<td>1.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>Source: Social Security Administration<\/em><\/p>\n<p><span style=\"font-weight: 400;\">The 8.7% increase resulted in an average monthly benefits increase of $146 for retired workers on Social Security. The average monthly check for retired workers rose from $1,681 to $1,827. For couples with both partners receiving benefits, the estimated payment has increased from $2,734 to $2,972, a $238 rise.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To determine the cost of living adjustments, the SSA compared the Consumer Price Index Wage (CPI-W) for the prior year\u2019s third quarter to the current year\u2019s. The COLA is then adjusted based on the difference in CPI-W from one year to the next.\u00a0<\/span><\/p>\n<h4><b>Maximum Taxable Earnings Increased<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The maximum earnings subject to Social Security taxes typically increase yearly to keep pace with inflation and changes in average wages. In 2022, workers were taxed on <a href=\"https:\/\/www.ssa.gov\/oact\/cola\/cbb.html\">profits up to $147,000<\/a> at a rate of 6.2 percent. However, for 2023, the maximum earnings subject to <a href=\"https:\/\/www.ssa.gov\/oact\/cola\/cbb.html\">Social Security taxes increased to $160,200. (SSA.gov)<\/a><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Social Security taxes withheld from a worker\u2019s paycheck increase if their earnings exceed the new maximum threshold. This adjustment was due to an increase in average wages in the U.S. As a result, more of a worker\u2019s income is subject to the Social Security tax, which may impact their take-home pay. It\u2019s important to note that the tax rate remains at 6.2%. This change underscores the importance of staying informed about Social Security updates to help ensure you can make informed financial decisions.<\/span><\/p>\n<h4><b>Maximum Social Security Benefits Rose<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">As anticipated, the maximum Social Security benefit for a worker who retires at full retirement age increased. Notably, this maximum benefit applies to individuals who retire at the full retirement age, which is 67 for anyone born after 1960. <\/span><span style=\"font-weight: 400;\">Depending on your income, you may be required to pay taxes on your Social Security benefits. <\/span><\/p>\n<p>Here&#8217;s a look at the initial monthly benefit for 2023 by retirement age:<\/p>\n<ul>\n<li>At age 62: $2,572<\/li>\n<li>At age 65: $3,279<\/li>\n<li>At age 66: $3,506<\/li>\n<li>At age 70: $4,555<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The calculation is based on your combined income, which includes adjusted gross income, nontaxable interest, and half of your Social Security benefits. If your combined income exceeds certain thresholds, up to 85% of your Social Security benefits may be subject to income tax. Considering these factors, preparing for tax liabilities is essential when planning for retirement. A trusted financial advisor can help ensure you\u2019re on track.<\/span><\/p>\n<h4><b>Benefits for Spouses and Disabled Workers Went Up<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">The Social Security Administration (SSA) announced <a href=\"https:\/\/www.ssa.gov\/news\/press\/releases\/2022\/#10-2022-2\">increased benefits for spouses and disabled workers for 2023<\/a>. The average widowed mother with two children saw a substantial increase in benefits, from $3,238 to $3,520. Similarly, aged widows and widowers living alone received a boost from $1,567 to $1,704. <\/span><span style=\"font-weight: 400;\">Disabled workers with a spouse and one or more children also experienced increased benefits, rising from $2,407 to $2,616. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s essential to remember that the benefit increases mentioned are averages, and individual circumstances may vary. Nevertheless, these adjustments will offer vital<a href=\"https:\/\/johnsonwim.com\/resources\"> financial support<\/a> for those who rely on Social Security benefits. If you\u2019re uncertain about how to claim your benefits, a financial advisor can provide guidance and help you make informed decisions.<\/span><\/p>\n<h4>Don&#8217;t Rely on Social Security Alone<\/h4>\n<p><span style=\"font-weight: 400;\">Remember, Social Security payments were only meant to subsidize approximately <a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;ved=2ahUKEwiIjZys2ev-AhWJmIkEHaAaAY0QFnoECBAQAw&amp;url=https%3A%2F%2Fwww.ssa.gov%2Fmyaccount%2Fassets%2Fmaterials%2Fworkers-61-69.pdf&amp;usg=AOvVaw18voTvz6IhUPdy8znrUuDJ\">40% of your pre-retirement income<\/a>, so Social Security alone isn&#8217;t enough to fund your lifestyle after leaving the workforce.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Secondly, the Social Security Administration has been operating with a surplus for the last few decades, meaning its extra funds went into a trust to supplement money workers put into the system themselves. However, the surplus is set to run out in 2034.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As long as there are workers contributing to Social Security, there will be money to pay Social Security benefits, so you shouldn\u2019t worry about the program running out of funds entirely. But once the surplus funding disappears, payments are likely to decrease or the government may make other changes to the program. This is why it is advised to have multiple sources of income to help create a robust and <a href=\"https:\/\/johnsonwim.com\/services\">diverse portfolio<\/a>.<\/span><\/p>\n<h4><b>Working With a Financial Advisor<\/b><\/h4>\n<div class=\"flex-1 overflow-hidden\">\n<div class=\"react-scroll-to-bottom--css-mwskn-79elbk h-full dark:bg-gray-800\">\n<div class=\"react-scroll-to-bottom--css-mwskn-1n7m0yu\">\n<div class=\"flex flex-col items-center text-sm dark:bg-gray-800\">\n<div class=\"group w-full text-gray-800 dark:text-gray-100 border-b border-black\/10 dark:border-gray-900\/50 bg-gray-50 dark:bg-[#444654] sm:AIPRM__conversation__response\">\n<div class=\"flex p-4 gap-4 text-base md:gap-6 md:max-w-2xl lg:max-w-xl xl:max-w-3xl md:py-6 lg:px-0 m-auto\">\n<div class=\"relative flex flex-col w-[calc(100%-50px)] gap-1 md:gap-3 lg:w-[calc(100%-115px)]\">\n<div class=\"flex flex-grow flex-col gap-3\">\n<div class=\"min-h-[20px] flex flex-col items-start gap-4 whitespace-pre-wrap break-words\">\n<div class=\"markdown prose w-full break-words dark:prose-invert light AIPRM__conversation__response\">\n<p><span style=\"font-weight: 400;\">Working with a financial advisor can provide numerous benefits in achieving your financial goals in retirement. A financial advisor can help you create a personalized plan based on your unique circumstances, including income, expenses, and investment objectives. They can also provide guidance on navigating complex financial topics, such as Social Security benefits.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At <a href=\"https:\/\/johnsonwim.com\/services\">Johnson Wealth and Income Management<\/a>, our financial advisors can help you stay on track with your goals by monitoring your progress and adjusting your plan. Whether you&#8217;re seeking to help maximize your Social Security benefits, dip your toes into investing, or achieve other financial goals, our experienced financial advisors can offer invaluable knowledge and support to help you succeed.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h4><b>Final Thoughts<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Keeping up to date with Social Security changes is crucial in maximizing your benefits to support your retirement goals. By taking this step, you are moving closer to helping ensure that your assets will last throughout your lifetime.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At <\/span><a href=\"https:\/\/johnsonwim.com\/\"><span style=\"font-weight: 400;\">Johnson Wealth and Income Management,<\/span><\/a><span style=\"font-weight: 400;\"> we understand that retirement planning is a journey, and we\u2019re here to guide you every step of the way. If you need assistance with Social Security planning, investment management, or tax planning, we can help. Our team has the experience and knowledge to help you achieve your financial goals and enjoy a worry-free retirement.<\/span><\/p>\n<p><a href=\"https:\/\/johnsonwim.com\/changes-to-social-security-in-2023\"><span style=\"font-weight: 400;\">Contact us today for more information on how we can help you plan for your worry-free retirement.<\/span><\/a><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p>All written content on this site is for informational purposes only. Opinions expressed herein are solely those of Johnson Wealth &amp; Income Management and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. Johnson Wealth &amp; Income Management and Sound Income Strategies LLC are not associated entities. Johnson Wealth &amp; Income Management is a franchisee of the Retirement Income Store. The Retirement Income Store and Sound Income Strategies LLC are associated entities. \u00a9 2023 Sound Income Strategies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As you approach retirement, it\u2019s essential for Iowans to understand the Social Security changes that may impact your benefits. Social Security is a critical source of income for many retirees, and making informed decisions about when to start collecting benefits can affect your retirement income.\u00a0In this blog, we will discuss some essential Social Security changes [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":15170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[37],"tags":[148,228,308,291,106,29,367,63,366,64],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Are Your Retirement Ready? Social Security Updates for Iowans - Johnson Wealth and Income Management<\/title>\n<meta name=\"description\" content=\"As you approach retirement, it\u2019s essential to understand the Social Security changes that may impact your benefits.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/johnsonwim.com\/social-security-changes-retirees-should-know\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Are Your Retirement Ready? 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