Every year, the Social Security Administration releases information about COLA for the upcoming year. The Social Security expense increase for 2023 could be significant due to the recent bout of inflation that has been hard on American wallets.
Usually made public in October, the Social Security COLA for the next year is disclosed. On October 13, the CPI report for September 2022 is scheduled for release. At that time, the Social Security COLA may be disclosed.
Our beloved Seniors will get a much needed COLA increase in 2023. Seniors are our GOLD STANDARD 🪙🪙🪙 God Bless🙏🏻https://t.co/GgQEjnEpiH
— Chloe (@Chloe4Djt) October 6, 2022
The 2022 Social Security COLA
The Consumer Price Index for Urban Wage Earners and Clerical Works (CPI-W) from the 3rd quarter of the previous year serves as the basis for the yearly Social Security COLA.
To put it more simply, the CPI-W from the 3rd quarter of 2022 is the basis for the 2023 COLA. The 2022 SS COLA was announced by the Social Security Administration last year on the same day as the September CPI data.
That won’t necessarily be the situation this year, though. There are numerous estimates out there. According to some experts, the Social Security COLA in 2023 might be as high as 10%.
The likelihood is probably closer to nine percent. In either case, the COLA for Social Security may be the highest since 1981.
Nearly 75% of House GOP members support slashing & privatizing Social Security, raising the retirement age to 70, & ending Medicare as we know it (as part of the Republican Study Committee FY2023 budget). This is who they are.#RepublicanWarOnSeniors
— Laura Packard (@lpackard) October 4, 2022
Average Social Security Check
The financial advisor must have taken such great care of you that you aren’t even aware of the Social Security COLA annually.
Sadly, for many pensioners, that’s not the case. 12% of men as well as 15% of women, respectively, depend on Social Security for much more than 90% of their pensions incomes, according to the SSA.
The average monthly Social Security benefit for 2022 was $1,669 per month. I’m aware that the majority of you would struggle to make ends meet on this income, which is less than the typical tenant in Los Angeles and does not include basic expenses like food and electricity reports Forbes.
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