Changes Affecting Wallets of Connecticut Residents in 2023

The new year is a time for changes. Here are four that will affect the wallets of Connecticut residents in 2023:

1. Low-cost bank accounts

Beginning on July 1, Connecticut will require banking institutions to provide a “basic banking account.” It must offer a debit card, in-network ATM access, and deposits at no extra cost.

2. Expansion of 5-cent bottle bill

Beginning January 1, the state’s “bottle bill” will expand to new beverages, including coffee, hard cider, juice drinks, kombucha, plant-infused drinks, sports and energy drinks, and teas.

3. Minimum wage increase

The minimum wage in Connecticut will increase to $15 per hour on June 1.

4. Social Security Payments Boost

About 70 million Americans will see an increase in their monthly Social Security benefits and Supplemental Security Income (SSI) for 2023. The payouts will range from 75 percent of total earnings for those with a low income to 27% for maximum-income earners.