(WTNH) – The new year is often a time for change. While we hope it is for the better, inflation is up, but it’s not all financial doom and gloom.
Here are five things affecting your wallet for the better in 2023:
Social Security payments get a boost
About 70 million Americans can expect to see an increase in their monthly Social Security benefits and Supplemental Security Income (SSI) for 2023.
Social Security benefits are determined based on how much someone earned during their career. The payouts can range from 75% of your earnings for those with a very low income to 27% for maximum-income earners.
To view how your personal benefits will change, check your account on the Social Security Administration’s website.
Minimum wage going up
Connecticut has had a goal of increasing the state’s minimum wage to $15 an hour. Well, that will happen this year.
The state’s minimum wage will increase from $14 an hour to $15 an hour on June 1.
Starting in 2019, the state began increasing the minimum wage by $1 a year to reach the $15 mark.
Low-cost bank accounts
Beginning on July 1, Connecticut will now require banking institutions to offer residents a “basic banking account.” These accounts must offer at no additional charge a debit card, in-network ATM access and deposits.
The new law will also require that the banks not charge fees for overdrafts, insufficient funds or low balances. In addition, the accounts must also not require a minimum initial deposit of more than $25 or a minimum balance to maintain the account of more than $25.
5-cent bottle returns expanding
Beginning January 1, the state’s “bottle bill” will expand to new beverages. Beverages including hard cider, plant water or plant-infused drinks, juice drinks, teas, coffee, kombucha and sports and energy drinks will now be included in the bottle bill.
While residents will have to pay a 5-cent deposit on these beverages, the hope is that people will return these bottles and get that deposit back.
The bill will change again in 2024 when the deposit will go up to 10 cents.
To see all of the new laws going into effect in Connecticut in 2023, click here.