Social Security Benefits for 2023 Will Be Announced

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21 September 2022

By : Quick Insurance Guru

Each year, Social Security benefits are adjusted to attempt to keep up with inflation.

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The 2022 COLA was a significant 5.9% rise, the largest in years, with the average retiree getting monthly checks for nearly $1,666 as a result of 2021's rising inflation. 

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With the economy continuing to struggle, the 2023 adjustment is expected to be even higher.

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The Consumer Price Index data on the change in prices of goods and services for the months of July, August, and September are used to calculate the COLA. 

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For instance, on September 13 the agency announced August inflation data, which was 8.3%, a modest decrease from July's 8.9%. 

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With the CPI for August now available, the nonprofit Senior Citizens League has predicted a COLA increase of 8.7%.

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Even though such claims are less extravagant than those from earlier in the year, most claimants would still receive an extra $144 each month. 

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The yearly increment is applied to December benefits beginning with checks dated January 2023. 

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Beneficiaries should then receive letters detailing their specific benefit rate in December. & check your rate on ssa.gov

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THANKS FOR READING!

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