Social Security is a major source of income for millions of older adults, and many people rely on their benefits heavily in retirement. In fact, around 1 in 5 adults age 50 and older have no other source of retirement income outside of Social Security, according to a 2023 report from the Nationwide Retirement Institute.

Next year will bring good news for retirees, as benefits will be going up beginning in January 2024. Plus there are a few other big changes on the horizon next year.

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Source Fool.com