Social Security Recipients Could Soon See the Biggest Benefits Change in Over 40 Years

For retirees on a fixed income, big changes to Social Security benefits could affect their finances in profound ways. Here's why Social Security benefits are changing so much. While last year's 5.9% COLA wasn't too much lower than the 8.6% benefits increase retirees could see next year, the 2023 Social Security raise will be a huge departure from the increase most current recipients have seen for the majority of their retirement years.