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2023 Will Bring Historic Changes for Retirees on Social Security

2023 Will Bring Historic Changes for Retirees on Social Security

Next month, the Social Security Administration (SSA) will announce the cost-of-living adjustment (COLA) for 2023. The COLA is an increase in benefits aimed to help Social Security maintain its purchasing power. Annual COLAs are normal, and retirees will receive a small boost in benefits most years.