Upcoming Changes to Social Security in Florida: What Retirees Need to Know

The Social Security Administration (SSA) is once again making some changes to its system. Although SSA’s federal movements are widely publicized, the same is not true for those that occur at the state level. Therefore, in Leisure We explain some modifications that will be implemented in the state of Florida.

The state of Florida is one of the most attractive destinations for retirees, who decide to move there to enjoy the money they have earned from a life of work. Given the high presence of retirees in its ranks, the SSA has set up an extensive network of the organization’s offices, in order to serve all older adults in a timely manner.

In total, according to official figures, the state has almost 5 million Florida residents who qualify for Social Security Retirement, Survivors and Disability (OASDI) benefits. Of that total, around 3.8 million are retired workers.

One of its advantages is that it is one of nine states that does not charge state income taxes, this means that people do not have to pay state taxes on Social Security benefits or any other income they have.

What are the Social Security changes coming into effect in Florida?

One of the first changes that will be applied to retirees residing in Florida is the Cost of Living Adjustment (COLA), which is predicted, will be around 3.2% monthly. This would bring the state’s average benefits to $1,790 dollars, with an increase of $57.30 dollars.

What you have to know is that, in the state of Florida, the increase will last less, since the area has the highest inflation rate in the country, according to NBC Miamithis has to do with the high costs of houses.

Another change that will take effect at the federal level, but that will have its particularities in Florida, is the income limit outside of Social Security checks. According to recent research, those receiving retirement, survivor and family benefits who have not yet reached full retirement age may have a portion of their payments temporarily withheld.

In 2023, the threshold is $21,240 for beneficiaries who do not reach full retirement age until one year earlier. In Florida this will limit your budget much more, given the scarcity of affordable places.