Social Security, on the Horizon (2023) - Motley Fool
The year 2023 is fast approaching and, as is normal, along with its arrival will come several changes to the Social Security program. The change getting much national attention right now is expressed in often breathless predictions of a historically high Cost of Living Adjustment (COLA) – even more than the 2022 COLA historic 5.9% increase. Latest predictions for 2023 are that COLA will be somewhere near 8.6% and that, of course, would be good news for senior citizens who rely on Social Security. But there are also other changes which may affect you, some of which may somewhat offset that historic COLA increase. For example, if you’re still working, the payroll tax cap is going up too, which means you may pay more in FICA taxes next year. In contrast, the amount you can earn while collecting early benefits is going up too, which means you will be able to earn more before a penalty kicks in. To read all about the areas of Social Security which will change in 2023, take a look at this Motley Fool article by Katie Brockman.