Here's a look at changes coming in 2023 that could help your money go farther.
, with benefits increasing 8.7% beginning in January. Alongside an unusual, one-time decrease in the annual Medicare premium, fixed-income recipients could enjoy 100% of this year's COLA increase.. In an announcement last week, the IRS also said it would increase the standard deduction. That amount for married couples filing jointly for the 2023 tax year will rise to $27,700 — up $1,800 from the prior year.
individual employees will be able to contribute up to $22,500 to their 401 retirement accounts, up from $20,500 in 2022. are also paying out more money through higher interest rates for high-yield savings and certificate of deposit accounts. Meanwhile, yields on inflation-protected bonds are currently offering 9.62% interest. However, they will reset at the end of October — and to a level that is likely to be lower than the current yield as inflation has begun to decelerate.Minimum wage in some jurisdictions is tied to inflation and is set to experience annual cost-of-living adjustments in the coming year. California is the largest state that will see a cost-of-living adjustment next year, with the minimum wage rising to $15.
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