{"id":73720,"date":"2022-10-24T00:00:00","date_gmt":"2022-10-24T00:00:00","guid":{"rendered":"https:\/\/joggingvideo.com\/uncategorized\/social-security-cola-for-2023-heres-how-much-more-youll-get\/"},"modified":"2022-10-24T00:00:00","modified_gmt":"2022-10-24T00:00:00","slug":"social-security-cola-for-2023-heres-how-much-more-youll-get","status":"publish","type":"post","link":"https:\/\/1800birks4u.com\/uncategorized\/social-security-cola-for-2023-heres-how-much-more-youll-get\/","title":{"rendered":"Social Security COLA for 2023: Here’s How Much More You’ll Be Getting Next Year"},"content":{"rendered":"
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<\/span><\/p>\n Next year, Social Security benefits will see a cost-of-living adjustment, or COLA, of 8.7%<\/a><\/span>\u00a0— the largest since 1981, when the increase hit an all-time high of 11.2%.\u00a0 <\/p>\n “A COLA of 8.7% is extremely rare and would be the highest ever received by most Social Security beneficiaries alive today,”\u00a0Senior Citizens League\u00a0policy analyst Mary Johnson said in a statement earlier this year. <\/p>\n In fact, the annual adjustment has risen above 7% only\u00a0five times\u00a0since 1975, when it was introduced. (The 2022 COLA, for example, was 5.9%.) <\/p>\n The benefits increase, announced on Oct. 13, is tied to the\u00a0Consumer Price Index,\u00a0which charts year-over-year price fluctuations for goods and services in the third quarter.Read on to learn more about Social Security benefits for 2023, including when the increase will begin and how to find out how much you’ll be getting. (Note that Supplemental Security Income beneficiaries will get their first COLA increase in December<\/a><\/span>.)<\/p>\n For more on Social Security<\/strong>, learn when checks go out<\/a><\/span>, how to access your payments online\u00a0and how benefits are calculated<\/a><\/span>.\u00a0 <\/p>\n Since 1975, Social Security benefits have been adjusted automatically each year, based on fluctuations in inflation, as determined by the Consumer Price Index For Urban Wage Earners And Clerical Workers. The Social Security Administration compares the average CPI-W in the three months of the third quarter of the current year to the same timeframe in the year prior. “The COLA increase is a valuable feature that keeps retirees from truly being tied to a ‘fixed income’ when managing expenses,” Rob Williams,\u00a0managing director of financial planning at Charles Schwab, told CNET.\u00a0The benefit increase is tied to the\u00a0Consumer Price Index,\u00a0which charts year-over-year price fluctuations for goods and services in the third quarter. The CPI was 8.5% in July and\u00a0dipped down to 8.3%\u00a0in August. In September it was 8.2%, according to the Department of Labor Statistics. \u00a0 <\/p>\n The 2023 COLA is\u00a08.7%<\/a><\/span>. Here’s how that breaks down for different groups, according to the Social Security Administration. <\/p>\n Category<\/strong> \t\t\t\t<\/p>\n<\/td>\n Average monthly increase<\/strong> \t\t\t\t<\/p>\n<\/td>\n Average 2023 check<\/strong><\/p>\n<\/td>\n<\/tr>\n Retiree \t\t\t\t<\/p>\n<\/td>\n $146 \t\t\t\t<\/p>\n<\/td>\n $1,827 \t\t\t\t<\/p>\n<\/td>\n<\/tr>\n Worker with disabilities \t\t\t\t<\/p>\n<\/td>\n $119 \t\t\t\t<\/p>\n<\/td>\n $1,483 \t\t\t\t<\/p>\n<\/td>\n<\/tr>\n Senior couple, both receiving benefits \t\t\t\t<\/p>\n<\/td>\n $238 \t\t\t\t<\/p>\n<\/td>\n $2,972 \t\t\t\t<\/p>\n<\/td>\n<\/tr>\n Widow(er) \t\t\t\t<\/p>\n<\/td>\n $137 \t\t\t\t<\/p>\n<\/td>\n $1,704 \t\t\t\t<\/p>\n<\/td>\n<\/tr>\n Widow(er) with two children \t\t\t\t<\/p>\n<\/td>\n $282 \t\t\t\t<\/p>\n<\/td>\n $3,520 \t\t\t\t<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Predictions fluctuated greatly earlier this year: In June, the nonpartisan\u00a0Committee for a Responsible Federal Budget\u00a0estimated benefits would increase as much as 10.8%.\u00a0 <\/p>\n In July, Marc Goldwein, the organization’s senior policy director, predicted that if inflation\u00a0remained on its then-current trajectory, the increase would be 11.4%, the highest ever. But, by August, Richard Johnson, director of the retirement policy program at the\u00a0Urban Institute, told\u00a0AARP\u00a0 that “somewhere in the 9% range is probably a reasonable guess.”\u00a0<\/p>\n Beneficiaries should receive letters in December detailing their specific benefit rate for next year. If you miss this letter, you can still verify your increase via the My Social Security website. <\/p>\n What is the cost of living adjustment (COLA)? <\/h2>\n
How much will Social Security benefits increase in 2023? <\/h2>\n
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\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n When will I know what my Social Security benefits are for 2023?<\/h2>\n
When will I see the increase in my Social Security check? <\/h2>\n