The news regarding Social Security and Medicare for 2023 is in — and it’s good news. Social Security is getting its biggest cost of living boost since the 1980s, while the cost of Medicare Part B premiums is going down. To put this in accounting terms, for many retirees, it means “income is up and expenses are down.” If you’re already covered by Social Security and Medicare, you’ll be receiving your notice of the specifics soon.
But before you go off and spend your newfound fortune, realize that the effect these changes will have on your wallet will depend on your personal situation. There are both tax considerations and long-term planning issues to factor in. Read more