For Social Security's more than 66 million monthly beneficiaries, 2023 is a fantastic year. Retired workers, survivors, and the long-term disabled received their largest cost-of-living adjustment (COLA) on a percentage basis in 41 years and the biggest boost to their monthly payout in nominal-dollar terms in the program's storied history. With Medicare Part B premiums also modestly declining, many retirees are enjoying a real-money (i.e., above and beyond the prevailing inflation rate) increase to their monthly take-home.

Unfortunately, this victory for retirees is bound to be short-lived. That's because Social Security is facing a massive long-term funding shortfall that's been growing larger with each passing year.

President Joe Biden believes he has the solution to Social Security's long-term funding issues. The question is, will Democrat and Republican lawmakers be on board with the president's proposal?

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Source Fool.com