6 Big Social Security Changes That Could Arrive in October

Although Social Security has been around for many years, its rules can change over time. And by mid-October, we should know more about changes that will take effect in 2023. Here are a few to anticipate.

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Inflation has been soaring, and that's apt to result in a huge cost-of-living adjustment for Social Security recipients in 2023. In 2022, seniors on Social Security saw their benefits rise 5.9%. This upcoming raise could make that number seem tiny.

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Social Security's main revenue source is payroll taxes. But workers don't necessarily pay that tax on all of their earnings. Each year, a wage cap is set that determines how much income gets taxed. This year, the wage cap was 147,000, but it's likely to rise in 2023.

To qualify for Social Security benefits in retirement, you need to accrue 40 work credits in your lifetime, at a maximum of four credits per year. This year, the value of a single work credit was $1,510. Next year, it will probably take higher earnings to earn a work credit.

Social Security's maximum monthly benefit this year is $4,194. Next year, that figure is apt to rise. But to be clear, most seniors aren't eligible for the maximum monthly benefit, as getting it requires a lifetime of very high earnings plus a delayed filing.

ALSO READ: Are You Eligible for the $4,194 Max Social Security Benefit?

It's possible to work and collect Social Security at the same time, but doing so before full retirement age means risking having benefits withheld once earnings exceed a certain threshold. This year, the earnings-test limit was $19,560 ($51,960 for those reaching full retirement age in 2022). Next year, that limit should increase, giving older workers more leeway to earn money without having their benefits impacted.

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Social Security doesn't only pay benefits to retirees. It also pays benefits to disabled workers. This year, the maximum monthly payment for nonblind recipients was $1,350. For the blind, it was $2,260. Next year, these numbers are apt to rise.

We won't have an official lineup of Social Security changes until we have a full set of third-quarter inflation data. But either way, in just a few days, we should learn more about what to expect from Social Security in 2023. So whether you're still working or are receiving benefits, it pays to stay tuned for that update.

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