Social Security is funded mainly through FICA taxes on wages — currently 12.4 percent split evenly between employers and workers. In 2022, the tax was collected on the first $147,000 of wages. That amount will rise to $160,200 in 2023. The $13,200 jump in how much of workers’ wages will be taxed is large compared

Social Security, the monthly benefit paid to retirees, disabled people and survivors of beneficiaries, includes an annual cost of living increase that is announced every fall. It helps seniors try to keep pace with the price increases that touch every part of the economy. The adjustment for 2023, of 8.7 percent, was announced on Thursday.

Annual automatic cost-of-living adjustment for Social Security recipients Note: Between 1975 and 1982, beneficiaries received adjustments in July. After 1982, beneficiaries received them in January. Source: Social Security Administration By The New York Times The first automatic annual adjustment to Social Security benefits was paid in 1975, the result of legislation passed by Congress in

After an earlier announcement sent markets into a tailspin, the prime minister and the chancellor are under pressure to restore fiscal credibility. After days of confusion, Britain’s government said on Monday that the date for its next fiscal policy announcement would be moved up nearly a month and that it would provide, at the same

In the final week of its emergency bond-buying program, the central bank is expanding its efforts to restore bond market function. LONDON — The Bank of England stepped up its intervention in Britain’s bond market on Tuesday, the second expansion of its emergency measures in two days, as it warned of a “material risk” to

The Bank of England started a bond-buying program last month to stabilize financial markets. But its plan to end the program this Friday is only making investors more nervous. British financial markets plunged into turmoil on Wednesday following mixed messages over whether the Bank of England would continue to provide support to pension funds and

The cost-of-living adjustment will be 8.7 percent next year, bringing relief to retirees and others who rely largely on the payments. Want to know more about the Social Security cost-of-living adjustment? Personal finance reporter Tara Siegel Bernard will answer some of your questions in the comments of this article. About 70 million Americans collecting Social

The moves at the nation’s largest newspaper publisher include a week of mandatory unpaid leave and voluntary buyouts. The chief executive of Gannett, the largest newspaper publisher in the country, announced widespread cost-cutting to its newsrooms on Wednesday, citing headwinds from the “deteriorating macroeconomic environment.” In a memo to the staff, Mike Reed, the chief

El ajuste por costo de vida aumentará en 8,7 por ciento el próximo año, brindando alivio a los jubilados y otras personas que dependen en gran medida de esos pagos. Unos 70 millones de estadounidenses que cobran el Seguro Social recibirán un aumento de 8,7 por ciento en sus beneficios el próximo año, el mayor