December, 2022

Social Security Changes In 2023

Social Security Spotlight: Changes Starting Next Month
NARSSA | Social Security Newsletter | December 2022
December 2022 Newsletter




Top Stories  

Source: Think Advisor
Think Advisor’s John Manganaro interviews NARSSA President & Co-Founder, Martha Shedden regarding current and future Social Security legislation. Martha shares her thoughts on potential legislative changes to the program and she shares the important work NARSSA does as an organization.
Source: Yahoo
Yahoo Finance’s Kerry Hannon writes about how making smart Social Security decisions can help alleviate the retirement crisis. Many people collect too early or don’t choose the best Social Security claiming strategy for their situation. NARSSA President & Co-Founder Martha Shedden shares her thoughts with Kerry on this topic.
Source: RSSA
Every year there are changes to the Social Security program. And with more than 65 million Social Security beneficiaries, these changes impact a lot of people. Read about three significant changes that will take effect beginning January 2023.



Catch up with Devin  

Parents who were financially dependent on their deceased child may be entitled to a survivor benefit known as Social Security Parent’s benefits. In this video, Devin Carroll, RSSA dives in and tells you who is eligible and how much in benefit payments a parent can expect. Watch the video.


Ask Martha  

Question: My wife has a teaching pension. Is she eligible for spousal benefits?
Martha’s response: If your wife is collecting a “non-covered” pension from work that did not pay into Social Security, then yes, she would be affected by the Government Pension Offset, GPO rule when collecting a spousal benefit. The amount of the GPO reduction to the spousal benefit depends on the amount of her own retirement benefits (if she is eligible to collect), the amount of your retirement benefit, her pension amount and other factors…Read Martha’s full response or Ask Martha your own question.


Social Security Spotlight: Changes Starting Next Month   

What Social Security changes begin in January 2023? Beginning next month, there are many changes being implemented to the Social Security program. Some of these changes include but are not limited to an increase in benefits due to the COLA, an increase in the maximum monthly benefit, and an increase in the maximum amount of earnings subject to the payroll tax.
What will be the new average monthly benefit? The average monthly Social Security benefit is currently $1,681. With an 8.7 percent COLA increase, the average monthly Social Security benefit in January will be $1,827.
What will be the new maximum monthly benefit? The maximum monthly benefit for a worker filing at Full Retirement Age FRA is currently $3,345. With an 8.7 percent increase, the maximum monthly Social Security benefit for a worker filing at FRA in January will be $3,627.
What will be the new maximum amount of earnings subject to Social Security payroll taxes? The maximum amount of earnings subject to Social Security taxes is currently $147,000. Beginning January 2023, the maximum amount will be $160,200.


Listen up: Social Security Podcast   

In this episode Martha sits down with Mark Miller and they explore his wealth of knowledge as concerns Social Security and retirement planning, as they currently are and what they may become in the years ahead.

Mark Miller is a journalist, author and podcaster specializing in coverage of retirement and aging. He contributes regularly on retirement to The New York Times, and writes columns for Reuters, Morningstar and WealthManagement.

You can listen to Social Security Answers from the Experts on Spotify, Google, Apple or anywhere you listen to podcasts. You can even watch the live recordings on our YouTube channel. Listen here or watch on YouTube.


Case Study of the Month  

Many clients already know that the COLA is applied only to benefits only after age 62. But do beneficiaries who are receiving benefits younger than age 62 see the increase? Yes! In most cases, like a family who had a consultation last month, it’s because the dependent benefits are based on the retiree’s PIA (who is above age 62). The retiree’s PIA will increase with the COLA in January, and thus the children’s benefit and spousal child in care benefits will also increase. Additionally, individuals collecting SSDI or SSI will receive the COLA increase in January.


Sign up for the RSSA® eLearning program: Get immediate access to the RSSA Roadmap® Social Security software.

The RSSA® program is the only program where you will receive Social Security software, the training to use the software, and the education to become a Social Security expert. This program will teach you how to analyze and provide comprehensive reporting that will help your clients maximize their Social Security benefits. After passing the proctored national exam and earning the RSSA® designation, you’ll be positioned to help clients potentially gain tens or hundreds of thousands of dollars in incremental Social Security income. The knowledge and software training that you will gain by completing the RSSA® course will be meaningful for your practice and your clients as the demand for expert Social Security advice is unprecedented. This training program is approved by the IRS, NASBA, CFP Board, and Broadridge Fi360 Solutions for CE credits. Get Started.


Consult with an RSSA to optimize your benefits  

Most people make a sub-optimal filing decision, losing out on money they are entitled to. An RSSA can help you optimize your Social Security benefits and support you in making the best decisions for your personal situation. Get help now.


RSSA Back Office

Are you a financial advisor, insurance professional, tax professional, lawyer or NARSSA member with clients that need help optimizing their Social Security? Work with an experienced partner to outsource your Social Security planning. Our team of expert Social Security advisors will help your clients take advantage of strategies that may yield hundreds of thousands of dollars in additional lifetime benefits. Learn more.

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