SS COLA Increase & Roth Conversions

Last week, Social Security gave a 8.7% increase in benefits for the year 2023. It will add on at least $140 per month, in other words, one tank of gas for your truck. Nic goes ever the updated maximum taxable earnings, exemptions, benefits, and more. Rand Paul’s 2021 Festivus Report shows us just how much money the U.S. government wasted – so is there a better way to supplement our Social Security shortage? And don’t forget – it’s Roth Conversion season!

Listen to the podcast HERE.

CHAPTERS:

00:00 - Intro

00:29 - Nic's Elk Hunt

01:04 - Social Security Changes

16:03 - Rand Paul's Festivus Report

20:17 - Roth Conversions

SOURCES:

https://blog.ssa.gov/social-security-benefits-increase-in-2023/

https://www.ssa.gov/news/press/factsheets/colafacts2023.pdf

https://www.heritage.org/taxes/commentary/1-chart-how-much-the-rich-pay-taxes

https://www.paul.senate.gov/sites/default/files/page-attachments/Festivus%20Report%202021_0.pdf