We're over a month into the new year, and seniors on Social Security should have received at least one benefit check so far in 2023. The average benefit has jumped $147 from last year, thanks to a record 8.7% cost-of-living adjustment (COLA). This extra money is intended to help beneficiaries maintain their current standard of living in spite of the high inflation we've faced. But it may not have that effect for everyone.

There are a few little-known rules that could prevent seniors from reaping the full rewards of their new, larger Social Security checks. Here are two of the most significant.

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Source Fool.com