When it comes to financial support for older Americans, Social Security plays a vital role. With tens of millions of people getting regular monthly checks from the program, there are many for whom financial planning in retirement would look a lot different without Social Security.

As the end of the year approaches, Social Security recipients need to be prepared for some big changes in the program. Some of them are unquestionably positive, but others could have a more mixed impact on your finances. Read on to learn more about these must-know facts about Social Security in 2023.

One key aspect of Social Security is that every year, it adjusts its payouts for inflation. The amount of the cost-of-living adjustment, or COLA for short, changes each year based on figures from the Consumer Price Index. Seniors will see their higher payments arrive in January.

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Source Fool.com