Historic Changes to Social Security for Retirees Will Take Place in 2023.
Social Security can go a long way toward helping to make retirement more reasonable, but as inflation keeps rising,it's becoming more difficult
for retirees on a fixed income to get by.The Social Security Administration (SSA) will reveal the 2023 cost-of-living adjustment (COLA) next month.
The COLA is a benefit increase designed to support Social Security in maintaining its purchasing power.
Beneficiaries should anticipate a substantially larger-than-average raise as a result of next year's adjustment, which will be historic.
charitable organisation Using the most recent consumer price index (CPI) statistics from the Bureau of Labor Statistics, the Senior Citizens League predicts that the COLA
for 2023 may be around 8.7%. For the typical retiree, that represents a rise of about $144 each month.For comparison, the COLA typically rises by 1% to 3% per year on average.
Beneficiaries this year earned one of the greatest raises in recent memory: 5.9%. The highest COLA since 1981 would be 8.7%.
Not only are payments increased monthly, but there is also a record-breaking COLA. Social Security is impacted by the yearly COLA in a number of ways,
There will likely be a few changes in 2023: Increased maximum benefit, Increased maximum taxable income threshold,
threshold, increased spousal and divorce benefits, a higher earnings threshold.