{"id":9717,"date":"2022-12-30T15:49:56","date_gmt":"2022-12-30T19:49:56","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=9717"},"modified":"2022-12-30T15:49:56","modified_gmt":"2022-12-30T19:49:56","slug":"the-biggest-2023-retirement-changes-coming-your-way","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=9717","title":{"rendered":"The biggest 2023 retirement changes coming your way"},"content":{"rendered":"
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Surging inflation this year smashed retirement savings accounts and left retirees battered by escalating prices from gas and food to monthly rent.<\/span><\/p>\n

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The fallout from higher prices transformed the landscape for older Americans and those saving for their golden years, while a last-minute spending deal to avert a government shutdown included a handful of changes to the retirement system next year.<\/p>\n

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Here\u2019s a snapshot of what\u2019s coming in 2023.<\/p>\n

Read on Yahoo Money<\/a><\/strong><\/p>\n

New retirement reforms<\/strong><\/h2>\n

A number of retirement reforms were included in the federal spending package that passed Congress. Starting next year, retirees must start taking required minimum withdrawals, or RMDs, from their tax-advantaged retirement accounts when they turn 73. That’s up from 72 this year. That will bump up to age 75 in 2033.<\/p>\n

The legislation also provides a $500 tax credit for small businesses that:<\/p>\n

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  • Allow military spouse employees to become eligible for the employer\u2019s retirement plan within two months of starting a job,<\/li>\n
  • Allow these workers to get employer matches before two years of service, and<\/li>\n
  • Make these workers 100% immediately vested in all employer contributions.<\/li>\n<\/ul>\n

    The new bill includes a host of other changes to the retirement system \u2014 mostly small with some bringing good tidings to only the most well-heeled Americans \u2014 which will go into effect later than 2023. Here\u2019s a\u00a0comprehensive look at what the legislation entails<\/a>.<\/p>\n

    Key Medicare changes<\/strong><\/h2>\n

    Premiums and deductibles on Medicare Part B are going down. For the first time in over 10 years, Medicare will\u00a0become cheaper for millions<\/a>\u00a0of retirees. The monthly premium for Medicare Part B, which covers doctor visits and other outpatient care not covered by Medicare Part A, will be $164.90 for 2023, a decrease of 3%, or $5.20 a month, from $170.10 in 2022.<\/p>\n

    The annual deductible for all Medicare Part B beneficiaries will be $226 in 2023, down from the annual deductible of $233 in 2022.<\/p>\n

    Next year, thanks to provisions in the\u00a0Inflation Reduction Act<\/a>, 3.3 million Medicare Part D beneficiaries with diabetes will benefit from a guarantee that copays for insulin will be capped at $35 for a month\u2019s supply.<\/p>\n

    Another notable change in 2023: Vaccines covered under Part D will come with no copays or deductibles. That will ease the cost of pricey vaccinations, such as the shingles vaccine.<\/p>\n

    While the Inflation Reduction Act delivered the most significant changes to Medicare in almost two decades, most of the provisions for the 59 million beneficiaries, including lower prescription drug prices and out-of-pocket costs, won\u2019t kick in for several years.<\/p>\n