The Social Security Administration has announced the changes for 2023 benefits. The cost-of-living adjustment (COLA) rose to 8.7% to help counteract the effects of inflation, which is the largest increase since 1981. For current workers, the maximum taxable earnings subject to Social Security taxes has increased to $160,200. However, Social Security has also increased the maximum monthly benefit at full retirement age from $3,345 to $3,627. Other changes include increased benefits for spouses and disabled workers, and adjustments to the earnings test exemption amount.

At Brandywine Oak, we proactively help our clients navigate changes that impact their cashflow and long-term financial plans. To learn more about the Social Security changes, please read Fidelity’s https://lnkd.in/eUi-S9qb.

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