A few important Social Security updates have happened this year.
Even if they don’t impact you directly, it’s still important to know how the program as a whole is doing. Some changes could result in you getting more money, which is always a huge plus.
In addition to protecting retirement funds through our Social Security Lock-Box Petition, we take pride in keeping our readers informed about the latest news. Here are some of the biggest ways that Social Security is changing in 2023.
Are You Aware of These Current Changes?
Arguably the biggest change to Social Security in 2023 is the record Social Security Cost-of-Living Adjustment (COLA).
As we’ve pointed out, factors like inflation have necessitated a higher benefit amount. Even though it’s still not as high as seniors deserve, it’s a fine starting point. But this isn’t the only change to be aware of.
Social Security Disability thresholds are also rising for non-blind, blind, and trial work period individuals. SSI Federal payment standards have also gone up, as has the max amount for those taking retirement at the full retirement age.
Finally, the limit on taxable earnings is going up — a move that some believe may help to extend Social Security’s lifespan and stop shortfalls in the near future.
What Do You Think of These Social Security Updates?
These changes show that Social Security is heading in somewhat of a positive direction. Benefit amounts are going up, and there could be plans to keep up with this trend in the future.
But we have to keep the pressure on policymakers to protect the retirement seniors have earned. For more news like this, bookmark our page. You can also find us on Facebook and Twitter. Also don’t forget to share your thoughts about these changes in the comment section below.