As we welcome a new year, it’s good to stop and reflect on how much Social Security changed in 2023.
This was a big year for the program in multiple ways. Milestones, policy updates, staffing changes, and more all impacted this historic fund that retirees rely on.
Let’s take this time to list out some of the most noteworthy updates. As we do, it will shed light not just on the past, but perhaps the future of Social Security as well.
Social Security Gets New Updates and Leadership
Social Security turned 88 years old in 2023. That massive milestone reminds us how close this program is getting to the century mark. It’s amazing to think back to how many people it has impacted.
The program is still as important as ever. There were more talks about insolvency this year, with some saying that date is closer than originally thought. But in a tough economy, we were reminded just how vital these funds are to retirees.
Speaking of funds, payments will be going up in the coming year. The COLA was announced at 3.2 percent, which equates to about $50 per month on average. While lower than past years, this cost-of-living adjustment was welcomed by seniors — however, we’re still working to bring it up. If you support our efforts to protect these funds, sign our Social Security Lock-Box Petition.
New leadership in the form of a new commissioner could give the program a fresh sense of momentum this year. Couple this with other updates like increases in taxable income brackets, and this program could be on the road to true change as we move forward.
What do you think about how Social Security changed in 2023? Let us know in the comments!
