Social Security is our nation’s most successful retirement program. In 2020, it was responsible for pulling nearly 22.5 million people out of poverty. In 2023, Social Security’s cost-of-living adjustment (COLA) will be the biggest year-over-year increase in 41 years. High-earning workers will have to open their wallets for more taxable income. The maximum taxable earnings cap will rise from $147,000 in 2022 to $160,200 in 2023. The average retired worker is estimated to see their monthly benefit climb by $146 in. 2023 to approximately $1,827. The maximum monthly payout at full retirement age — the age where eligible beneficiaries qualify for 100% of their retirement benefit — is rocketing higher . . .
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