Approximately 90% of Americans age 65 and older currently receive Social Security benefits, and those benefits account for about 30% of their total income. That makes it critical for retirees (and soon-to-be retirees) to stay informed. And three big changes to Social Security are on the horizon.

Here's what you should know.

Cost-of-living adjustments (COLAs) are meant to keep Social Security benefits in line with inflation. Given the extraordinary levels of inflation throughout the first seven months of 2022, retirees are on pace for a huge COLA in 2023. In fact, the adjustment could clock in between 9.3% and 10.1%, according to The Senior Citizens League. That would be the largest COLA since 1981.

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Source Fool.com