Honu Wealth Management
Garth A Williams, MBA, CFP®
Financial Advisor
1307 S Mary Ave, Suite 101
Sunnyvale, CA 94087
650-917-3400
garth@honuwealth.com
www.HonuWealth.com
 
 




2023 Key Numbers

 

Government Benefits

Social Security

Social Security Cost-of-living adjustment (COLA)20222023
For Social Security and Supplemental Security Income (SSI) beneficiaries5.90%8.70%
Tax rate--employee20222023
FICA tax -- Employee 7.65%7.65%
Social Security (OASDI) portion of tax 6.20%6.20%
Medicare (HI) portion of tax1.45%11.45%1
Tax rate--self-employed20222023
Self-Employed15.30%15.30%
Social Security (OASDI) portion of tax 12.40%12.40%
Medicare (HI) portion of tax2.90%12.90%1

1 An additional 0.9% Medicare/hospital insurance tax (for a total employee contribution of 2.35%) is assessed on wages exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns). An additional 0.9% Medicare/hospital insurance tax (for a total Medicare portion of 3.8%) is assessed on self-employment income exceeding $200,000 ($250,000 for married couples filing joint returns, $125,000 for married individuals filing separate returns).

Maximum taxable earnings20222023
Social Security (OASDI only)$147,000 $160,200
Medicare (HI only) No limit No Limit
Quarter of coverage20222023
Earnings required$1,510 $1,640
Retirement earnings test--exempt amounts--Under full retirement age--Benefits reduced by $1 for each $2 earned above:20222023
Yearly figure$19,560 $21,240
Monthly figure$1,630 $1,770
Retirement earnings test--exempt amounts--Year individual reaches full retirement age--Benefits reduced by $1 for each $3 earned above (applies only to earnings for months prior to attaining full retirement age):20222023
Yearly figure$51,960 $56,520
Monthly figure$4,330 $4,710
Retirement earnings test--exempt amounts--Beginning the month individual attains full retirement age20222023
No limit on earningsNo limit on earnings
Social Security disability thresholds20222023
Substantial gainful activity (SGA) for the sighted (monthly figure)$1,350 $1,470
Substantial gainful activity for the blind (monthly figure)$2,260 $2,460
Trial work period (TWP) (monthly figure)$970 $1,050
SSI federal payment standard20222023
Individual (monthly figure)$841 $914
Couple (monthly figure)$1,261 $1,371
SSI resource limits20222023
Individual$2,000 $2,000
Couple$3,000$3,000
SSI student exclusion limits20222023
Monthly limit$2,040 $2,220
Annual limit$8,230 $8,950
Maximum Social Security benefit20222023
Worker retiring at full retirement age (monthly figure)$3,345 $3,627
Formula for Monthly Primary Insurance Amount (PIA)20222023
(90% of first X of AIME + 32% of the AIME over X and through Y + 15% of AIME over Y)X=$1,024 Y=$6,172X=$1,115 Y=$6,721

Medicare

Medicare monthly premium amounts--Part A (hospital insurance) premium20222023
Individuals with 40 or more quarters of Medicare-covered employment$0 $0
Individuals with less than 40 quarters of Medicare-covered employment who are not otherwise eligible for premium-free hospital insuranceUp to $499Up to $506
Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who file an individual income tax return with income that is:
2022202320222023
Less than or equal to $91,000 Less than or equal to $97,000$170.102$164.902
$91,001 - $114,000$97,001 - $123,000$238.10 $230.80
$114,001 - $142,000 $123,001 - $153,000$340.20 $329.70
$142,001 - $170,000$153,001 - $183,000$442.30 $428.60
$170,001 - $499,999$183,001 - $499,999$544.30 $527.50
$500,000 and above$500,000 and above$578.30 $560.50
Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who file a joint income tax return with income that is:
2022202320222023
Less than or equal to $182,000Less than or equal to $194,000$170.102$164.902
$182,001 - $228,000$194,001 - $246,000$238.10 $230.80
$228,001 - $284,000$246,001 - $306,000$340.20 $329.70
$284,001 - $340,000$306,001 - $366,000$442.30 $428.60
$340,001 - $749,999$366,001 - $749,999$544.30 $527.50
$750,000 and above$750,000 and above$578.30 $560.50
Medicare monthly premium amounts--Part B (medical insurance) monthly premium--for beneficiaries who are married, but file a separate tax return from their spouse and lived with spouse at some time during the taxable year with income that is:
2022202320222023
Less than or equal to $91,000Less than or equal to $97,000$170.102$164.902
$91,001 - $408,999$97,001 - $402,999$544.30 $527.50
$409,000 and above$403,000 and above$578.30 $560.50

2 This is the standard Part B premium amount. However, some people who get Social Security benefits will pay more or less than this amount.

Original Medicare plan deductible and coinsurance amounts--Part A (hospital insurance)20222023
Deductible per benefit period$1,556 $1,600
Coinsurance per day for 61st to 90th day of each benefit period$389 $400
Coinsurance per day for 91st to 150th day for each lifetime reserve day (total of 60 lifetime reserve days--nonrenewable)$778 $800
Original Medicare plan deductible and coinsurance amounts20222023
Skilled nursing facility coinsurance per day for 21st to 100th day of each benefit period$194.50 $200
Original Medicare plan deductible and coinsurance amounts--Part B (medical insurance) annual deductible20222023
Individual pays 20 percent of the Medicare-approved amount for services after deductible is met$233 $226

Medicaid

Income threshold20222023
Monthly income threshold for income-cap states ("300 percent cap limit")$2,523$2,742
Monthly maintenance needs allowance for at-home spouse20222023
Minimum 3$2,177.50$2,288.75
Maximum$3,435.00$3,715.50
Community spousal resource allowance20222023
Minimum$27,480.00$29,724.00
Maximum$137,400.00$148,620.00

3 Amounts listed actually effective as of July of prior year; different amounts apply to Alaska and Hawaii.



This information was developed by Forefield, Inc. an independent third party. It is general in nature, is not a complete statement of all information necessary for making an investment decision, and is not a recommendation or a solicitation to buy or sell any security. Investments and strategies mentioned may not be suitable for all investors. Past performance may not be indicative of future results.
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2022.