Securing Your Future: Get Ready for Social Security 2023

Introduction

Hello, and welcome to our article on securing your future with Social Security. As we all know, Social Security is a vital part of retirement planning, and it’s important to stay up-to-date on the program and how it may change in the future. In this article, we’ll give you an overview of what Social Security is, how it may change in 2023, and what you can do to prepare for these changes. Thanks for reading!

What is Social Security?

Social Security is a government-sponsored program that provides financial assistance to eligible individuals and families. The program is funded through payroll taxes, and it is designed to provide benefits to retirees, disabled workers, and survivors of deceased workers.

In order to be eligible for Social Security benefits, workers must earn enough work credits. Credits are based on years of employment, and workers can earn up to four credits per year. Once a worker has earned 40 credits, they are considered fully insured and eligible for benefits. Benefits are calculated based on the worker’s average earnings over their lifetime.

The higher a worker’s earnings, the higher their benefits will be. Benefits can be used to supplement retirement income, help with medical expenses, and provide financial assistance to survivors of deceased workers.

How Will Social Security Change in 2023?

As we all know, Social Security is a government-sponsored retirement program that has been in place since 1935. The program is funded through payroll taxes and provides benefits to retired workers and their families. In recent years, the Social Security program has come under financial strain due to the large number of baby boomers who are now retiring.

In order to ensure that the program remains solvent, the Social Security Administration has proposed a number of changes that will go into effect in 2023. The most significant change is that the full retirement age will gradually increase from 67 to 68. This means that workers will have to wait longer to receive their full benefits. For example, if you were born in 1960 or later, your full retirement age is 68.

In addition, the Social Security Administration is proposing to change the way it calculates cost-of-living adjustments (COLAs). Currently, COLAs are based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). However, under the new proposal, COLAs would be based on the Consumer Price Index for Urban Consumers (CPI-U).

This change would result in lower COLAs for retirees. Finally, the Social Security Administration is proposing to eliminate the “file and suspend” claiming strategy. Under this strategy, a worker could file for benefits at their full retirement age and then suspend them until a later date. This would allow their spouse to claim a spousal benefit while the worker’s own benefit continued to grow. However, under the new proposal, workers would not be able to file and suspend their benefits. These are just some of the changes that will be taking place in 2023. It’s

What Can You Do to Prepare for These Changes?

There are a few things that you can do to prepare for the changes coming to Social Security in 2023. First, you should start saving as much money as possible. Even if you are not yet eligible for Social Security benefits, it is never too early to start saving. The more money you have saved, the more options you will have when it comes time to retire. Second, you should think about how you will want to receive your benefits.

Currently, there are two options: a lump sum payment or monthly payments. With the changes coming in 2023, there may be new options available. You should start thinking about what would work best for you and your family. Third, you should make sure that you are staying up-to-date on the changes happening with Social Security. This way, you can be prepared for anything that might come up.

There are a few different ways to do this: -Read articles like this one! -Sign up for email or text alerts from the Social Security Administration. -Talk to your financial advisor about the changes. By taking these steps, you can be sure that you are as prepared as possible for the changes coming to Social Security in 2023.

Conclusion

As we approach 2023, it’s important to start thinking about how the changes to Social Security will affect you and your family. While some of the changes may seem daunting, there are things that you can do to prepare for them. By staying informed and making smart choices about your finances, you can help ensure that you and your family are able to enjoy a comfortable retirement.