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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 ...
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 ...
Because of the high COLA in 2023, many Social Security beneficiaries who don’t pay income taxes now might be pushed into income levels where they are taxed. Others might face higher tax rates.
The big news for 2023 is an 8.7% jump in the Social Security COLA, which is the highest since an 11.2% increase in 1981. The COLA’s steep hike this year is due to the soaring inflation rate ...
The Biggest COLA Increase in 40 Years. In 1981, the cost-of-living adjustment (COLA) to Social Security was a whopping 11.2%, which was a huge leap at the time. ... In the 2023 Social Security ...
A 10.5% COLA would increase the average retiree benefit of $1,668 by $175.10, according to the Senior Citizens League. ... Social Security: Estimate for 2023 COLA Pushes Into Double Digits After ...
The group’s latest COLA estimate is well below earlier estimates this year — estimates that projected a Social Security increase as high as 10.5% in 2023. However, even an increase of 8.7% ...
Advocates have questioned whether the 2023 increase is good enough. As CBS notes, inflation reached a level of 9.1% in June, which is above the projected 8.7% COLA increase. ... Social Security ...