There are several changes on the horizon for Social Security beneficiaries. Of these, there are four specific ways the program is expected to evolve.

According to Madison.com, Social Security beneficiaries can expect their benefits to get a decent boost.

Additionally, expect the wage cap to climb; this change would require higher earners to pay Social Security taxes on more of their earnings each year.

Along with a rise in the wage cap, beneficiaries may see the maximum benefit payment possible also increase. Currently, the maximum payment a beneficiary can receive is $4,194 a month. Due to the expected cost-of-living adjustment (COLA) increase for 2023, this maximum benefit payment is also expected to increase.

Finally, individuals should anticipate the earnings test to climb. This would allow those who choose to work during their retirement to keep more of their Social Security benefits each month.

Even though these possible changes appear to be favorable, things could still be very difficult for senior citizens in 2023. Thankfully, Senior Security Alliance has a solution.

Our bill provides retirees with seven essential rights; these rights allow senior citizens to feel more secure with their finances throughout retirement. To learn more and stay informed about our mission, make sure to follow us on Facebook and Twitter.