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An 8.7% increase in the 2023 COLA would translate into an average monthly increase of $144.10, CBS News reported. This would boost the typical benefit to $1,802 a month from $1,658 in 2022.
On average, Social Security benefits will increase by more than $140 a month in 2023, the SSA said. The 8.7% COLA will begin with benefits payable to more than 65 million Social Security ...
The Social Security Administration’s Oct. 13 announcement that next year’s COLA will rise 8.7% from 2022 was in line with most projections. For months, experts speculated that the 2023 ...
Since then, adjustments have not seen that big of a bump until 2022’s 5.9% increase, which was only the second time in nearly four decades that the COLA was raised over 5%. That means 2023’s 8 ...
As noted by CBS, the last time Social Security saw this kind of increase was back in 1981 when the SSA announced a COLA of 11.2%. The news of the 2023 payment increase comes as a relief to the ...
This means your COLA might be above 8.7%. However, your COLA could be less than 8.7% if you have already started collecting Social Security but plan to sign up for Medicare for the first time in 2023.
Unless the U.S. inflation rate took a swift and miraculous dive in September, the Social Security Administration this week is expected to announce its biggest annual cost-of-living adjustment in ...
The big news for 2023 is the record-breaking cost of living adjustment that will increase payment amounts by 8.7%, the biggest jump in 40 years and the fourth-largest of all time.