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New Year, 6 Shakeups to Social Security

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In 2023, significant changes to Social Security will occur.

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An increase in the Social Security COLA of 8.7%, the highest since an increase of 11.2% in 1981, is the big news for 2023.

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Given that this year's inflation rate is also the highest in 41 years, the COLA will increase significantly the following year.

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By 2023, all retired workers' average monthly Social Security benefits are expected to increase to $1,827 from $1,681 per month.

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The maximum Social Security benefit will increase from $147,000 in 2022 to $160,200 in 2023.

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The limit will increase from $3,345 per month in 2022 to $3,627 in 2023.

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If you have attained FRA, the monthly payment will increase from $4,330 in 2022 to $4,710 in 2023