Social Security: 6 new big changes coming in 2023

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Social Security will see a lot of changes in 2023, among them the cost-of-living adjustment (COLA) will be one of the biggest in more than 40 years.

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Here are 6 changes you can expect to see in 2023, according to a letter published by the Social Security Administration. who are ahead

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1. The first change will be the new COLA taking effect that includes an 8.7% jump in Social Security COLA in 2023, the most since an 11.2% increase in 1981.

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2. In a second change, those who also qualify for Supplemental Security Income (SSI) benefits will see an increase in the maximum federal SSI payment amount in 2023, based on an 8.7% COLA.

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3. An increase in the social security disability limit may be seen.

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4. Workers retiring at full retirement age will see an increase in the maximum benefit under Social Security.

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5. Changes will be seen in the income test exemption amount under social security.

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6. The exemption amount under the Income Test Exemption 2023 is $1,630 per month in 2022, increasing to $4,710 per month in 2023 if you have reached the FRA.

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Social Security: 6 new big changes coming in 2023

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