A couple big changes are coming to Social Security in 2023
Nearly 90% retirees depend on Social Security.
And more than half say that their monthly Social Security benefit is a major source income.
Changes to the program could have a major impact on the financial health of millions of Americans.
Therefore, it is crucial that retirees (and future retirees!) stay informed.
This year's rampant inflation has caused a lot of damage to Americans, with the worst effects being felt at grocery stores and gas stations.
According to the U.S. Labor Department, food and energy prices have risen 10.9% and 32.9% respectively over the past 12 months.
In 2023, retirees will likely see a massive cost-of-living adjustment (COLA) in 2023.
According to The Senior Citizens League, benefits could rise 9.3% to 10.1% next fiscal year.
This is the highest COLA since 1981.
This means that the average monthly benefit for retired workers could rise by as much as $168.
You can receive Social Security retirement benefits even if you are still working .
You will get your full benefit regardless how much you earn if you reach full retirement age.
However, you will not receive your full benefit if you claim benefits before your FRA.
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