During the fall, the SSA issues a statement that significantly affects the 66 million beneficiaries. The annual inflation modification aims to prevent seniors’ purchasing power from declining.
On Thursday, October 13, the organization is anticipated to reveal its COLA, for 2023. The government also released its September inflation data on October 13; the SSA calculates its COLA on the 3rd quarter’s inflation rate, or July through September. Visit the official social security website.
Raised COLA In 2023
According to Mary Johnson, a Social Security and Medicare policy researcher at The Senior Citizens League, that will be the greatest COLA since 1981.
However, some seniors are concerned that the 2023 raise might not be enough to offset the cost increases they have witnessed across the board due to soaring inflation that a 2022 COLA was unable to keep up with. The cost-of-living adjustment for seniors in 2022 was 5.9%, but inflation has gone over that each month this year, reaching a record of 9.1% in June.
Release Of COLA
On October 13, according to experts, the SSA might release the cost-of-living adjustment. On the same day that the administration will release September inflation figures, the agency will release its 2022 COLA declaration. Since 1981, when the United States was going through yet another period of severe inflation, it is most probably to be the largest.
The increase in benefits for seniors that year was 11.2%. Only two other years—1980 and 1979—saw benefits increases for seniors greater than those anticipated for 2023. In 1980, benefits increased by 14.3% and 9.9%, respectively.
Wondering about the largest #SocialSecurity COLA increases in history? Of course you are. Tomorrow's inflation report should set the 2023 COLA at around 9.0%, which would be the 4th largest in history. pic.twitter.com/JZVzYl4nMd
— TipsWatch (@TipsWatch) October 13, 2022
Social Security isn’t just a benefit for the elderly in this country. Additionally, it offers benefits to 6 million widows, widowers, and children, known as “survivors benefits,” as well as to 9 million disabled employees and their families.
Last month, Medicare, the health care program for senior citizens, announced that the cost of its Medicare Part B plan would decrease by around 3% in 2019.
This is significant since Medicare’s Part B plan, which includes common doctor’s appointments and other outpatient care, increased its premiums by 14.5% in 2022.
This increase consumed a significant portion of the COLA retirees gotten in their Social Security payments reports CBS NEWS.
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