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Following are six changes to the program that are in effect this year, according to a recently published fact sheet from the Social Security Administration. ... January 2023, according to the SSA ...
On average, Social Security benefits will increase by more than $140 a month in 2023, the SSA said. The 8.7% COLA is the biggest annual increase since the 11.2% adjustment in 1981.
The news of the 2023 payment increase comes as a relief to the many seniors and other beneficiaries of Social Security (about 70 million people, per the SSA) who have been struggling to pay bills ...
The Social Security Administration (SSA) provides benefit estimates to workers through the Social Security Statement. The Statement can be accessed online by opening an online account with SSA called my Social Security. With that account, workers can also construct "what if" scenarios, helping them to understand the effect on monthly benefits ...
The Social Security Administration collects payroll taxes and uses the money collected to pay Old-Age, Survivors, and Disability Insurance benefits by way of trust funds. When the program runs a surplus, the excess funds increase the value of the Trust Fund. As of 2021, the Trust Fund contained (or alternatively, was owed) $2.908 trillion.
The Social Security Administration was established by the Social Security Act of 1935 and is codified in 42 U.S.C. § 901 (49 Stat. 635). It was created in 1935 as the "Social Security Board", then assumed its present name in 1946.
The new payment amounts in 2023 will reflect an increase of 8.7%, which is the highest adjustment the Social Security Administration has offered since 1981, and is the fourth biggest COLA in the ...
Kilolo Kijakazi is an American academic who served as acting commissioner of the Social Security Administration from 2021 to 2023. She was previously appointed deputy commissioner for retirement and disability policy in January 2021, before taking on the top position following Andrew Saul's dismissal on July 9, 2021. [1] [2]
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