More than 48 million retired Americans currently receive Social Security benefits, and many of those retirees are facing financial challenges. Recession fears sparked by inflation have caused the stock market to crumble, erasing more than $3 trillion from retirement accounts through the first half of the year. At the same time, the buying power of Social Security benefits has been eroded by the rising cost of necessities like food and utilities.

As a result, half of older Americans have dipped into emergency savings to make ends meet this year. More than 70% of retired workers say inflation is their top concern right now, according to a recent survey from Goldman Sachs.

Fortunately, a big change to Social Security benefits in 2023 could ease the burden on retired workers.

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Source Fool.com