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Is Social Security Changes Going to Shock You in 2023?

By: Sahil Luthra

American Street

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Social Security increase 

Social Security increase is on the way and you already know that next year COLA will be 8.7%. 

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Social Security Administration 

There is a decline in Social Security Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) .

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Social Security Benefits

OASI and DI trust funds decreased by $56.3 billion in 2021 and now its totaled is roughly $2.85 trillion.

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Social Security

Some trustees of Social Security  estimated that trust fund decline at a faster rate than historically.

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Social Security Trust Fund

As per social security 2022 report social security trust fund will be run out of money by 2035.

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Supplemental Security Income

As per SSI estimators once SSA will be ran out of funds it will only be able to cover 80% of benefits of that year.

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Social Security System

Social Security System will be great pain for Americans if no major reform will be made soon.

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Social Security Statement

Some Survey done by the university says that Payroll tax will be in the favour of social security recipients.

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Social Security Online

As per survey social security online payroll tax will increase from 6.2% to 6.5% and 70% of Republicans and 78% of Democrats  supports this increase.

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SSI Benefits

Other hurst breaking change is that full retirement age may increase from 67 to 68 and Social Security benefits may reduce for high earner.

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Social Security 2023

Social Security is full of benefits and always in the favour of social security recipients. Some changes are required to keep it up.

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