In the previous decade or so, Social Security has been mostly unchanged, with few substantial adjustments.

However, inflation has made Social Security into limelight.

Because most of the Social Security fundamentals are depends on the Cost of Living Adjustments.

Many of us have seen that - for the first time, the Social Security check was increased by 5.9% due to inflation.

With 5 more months left for the end of 2022, we may see big changes to Social Security in 2023.

Here are some of the major changes that workers and retirees must prepare for in 2023.

5.9% increase in Social Security COLA is the largest since 1982's 7.9%, a big 40 years ago.

Big Cost of Living Adjustment

But, the inflation in 2022 continues to grow as a result it is inevitable that we may see larger COLA than now in 2023.

Some Analysts anticipate that it could bump to more than 8.6% based on the current trends.

The wage base is the number of taxable earnings for the Social Security purposes.

Increased Wage base

The Wage base in 2021 was $142,800. But the high rate of inflation pushed that number by 2.9%. So, we can expect more in 2023. 

As the wage base increases, more money will go to Social Security benefits as well.

It obvious that these changes are going to happen. The big question, how Social Security is going to be in 2030?

Changes in Other Areas

At this point, the SSA predicts that the trust fund will be all over.

While Social Security continues to put the benefits, they might be reduced by 80% to the current benefits overall.

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