Although Social Security has been around for decades, the program commonly undergoes changes from year to year. On October 13, the Social Security Administration released a list of changes to the program that are set to take place in 2023. Here are three big ones you should know about.

For months now, seniors have eagerly been waiting for an official cost-of-living adjustment (COLA) announcement. We now know that 2023's COLA will amount to 8.7%.

That's lower than the 11% raise some experts were projecting earlier in the year, but it's substantially higher than the 5.9% COLA seniors got at the start of 2022. It's also the highest COLA to come down the pike in decades.

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Source Fool.com