2023 Will Bring 3 Big Changes to Social Security. Here’s What Retirees Must Know.

Approximately 90% of Americans age 65 and older currently receive Social Security benefits. Retirees should expect an announcement from the SSA in mid-October. The Social Security Administration measures inflation and calculates COLAs using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) The official 2023 earnings limits will not be published until October. The maximum benefit for new retirees tends to increase each year, due to changes in the national wage index, and it has risen at an annualized pace of 2.5%.

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