As we enter a new year, it’s good to look back at Social Security in 2023 and remember what changed.

This year was historic for multiple reasons. There were milestones, major updates, and a timely reminder of the importance this program has.

In looking back at the year it had, we can perhaps get a glimpse into the future as well. Knowing how the program has changed and continues to evolve will prepare us for what lies ahead.

The Impact of Social Security in 2023: Changes and Continued Importance

In the year of 2023, Social Security celebrated a historic milestone — its 88th birthday. This reminds us of how many lives the program has impacted over generations.

Another major news story for Social Security this year was the 3.2 percent COLA. This cost-of-living adjustment was one that got mixed feedback. While every cent of it was deserved, you could argue it fell short.

It amounts to an average increase of $50 per month, with variances depending on factors like lifetime income and claiming age. This underwhelming number, at least when compared to previous years’ COLAs, reminds us that there is still work to do in securing this program’s future.

Speaking of the future, talks circulated again about the program’s potential shortfalls. More people than ever wonder if it will be there for them in old age. By signing our petition, you can help ensure it is.

Other changes came in the form of updates to taxable income brackets, as well as a new commissioner to head the Social Security Administration. It seems the program and the structure that governs it are both entering the new year with a new look. But if there’s one thing you can count on as a constant, it’s news like this from NORA.

Just like we covered Social Security in 2023, we’ll do the same in 2024 and beyond. Follow us on Facebook and Twitter so you never miss a post.