Tuesday, May 17

COLA Increase 2023: Social Security might get its biggest boost in 40 years

There’s another considerable increase in the cost of living allowance -COLA- for 2023.

After a 5.9% jump granted in 2022, a new report from The Senior Citizens League indicates 2023 COLA’s increase will take the record for the highest increase since 1981.

The soaring inflation and the data gathered by The Senior Citizen League suggest that the Social Security beneficiaries will see an 8.6% increase in 2023.

According to the Social Security Administration, more than 60 million seniors will see a rise in their retirement benefits.

In 2022, millions of social security beneficiaries saw a $92 increase in their Social Security benefits and Supplemental Security income payments.

However, for 2023, Social Security benefits and Supplemental Security income payments will increase to $143 a month.

In total, seniors and retired workers will have a monthly check closer to $1,800.

“The group’s projections are based on the latest data on inflation, including the Consumer Price Index — which rose 8.3% last month compared with the same time last year, according to a Bureau of Labor Statistics report released Wednesday,2 CNET reported.

What’s COLA and who benefits from COLA?

The cost of living allowance is a math operation realized by the Department of Labor’s Consumer Price Index.

When the Department of Labor’s Consumer Price Index (CPI-W) measures an increase in the cost of living, the SSI also sees a rise to combat the extra dollars.

Around 70 million Americans are benefitting from the payment increase.

There are approximately 64 million Social Security beneficiaries and 8 million SSI beneficiaries.

Retirement, survivors, disability beneficiaries, SSI recipients, and representative payees will receive the official notification when the federal government announces it.

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If you are looking for additional information online. Access to the SSA website.


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