Our country’s most effective retirement program is Social Security. It was essential in rescuing about 22.5 million people from poverty in 2020, and a recent study by the national pollster Gallup found that it is essential in assisting just under 90% of retirees in sustaining their lives during their senior years.
Over 48 million retirees received benefits from Social Security in September, yet many people still have preconceptions about the program.
The Social Security program also goes through regular adjustments. Every year in the second week of October, the Social Security Administration publishes a fact sheet describing the changes that will affect the program’s beneficiaries and workers who will be contributing in the coming year.
These are the biggest changes to Social Security in 2023.