Good News for Social Security Recipients - Adviser Investments

Good News for Social Security Recipients

If you receive Social Security benefits, you’re up for a nice raise next year.

We’ll get the final number in October, but based on early estimates, Social Security recipients can expect an 8%–9% increase in their payments in 2023. This amounts to roughly an additional $150 per month for the average beneficiary. All told, this would be one of the largest Social Security adjustments since the program’s 1935 inception.

Another point worth mentioning: You could benefit from the adjustment even if you’re not yet tapping into Social Security. If you are at least 62 in 2023, the cost-of-living increase will be taken into account when calculating your eligible benefits, even if you delay taking Social Security until you’re 70.

We’re glad to share the good news. That said, it’s likely that Social Security is just a part of your financial plan for your future income needs. Talk to your adviser today about any concerns you have and any adjustments you need to make to live comfortably in retirement.

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