By FATIMA HUSSEIN, Associated Press WASHINGTON — Millions of Social Security recipients will get an 8.7% boost in their benefits in 2023.
The Social Security Administration's Acting Commissioner Kilolo Kijakazi said combined with Medicare premiums going down in 2023, the Social Security benefit increase, “will give seniors more peace of mind and breathing room.” WHEN WILL THE BIGGER PAYMENTS BEGIN? January. They're also permanent, and they compound. That means the following year's percentage increase, whatever it ends up being, will be on top of the new, larger payment beneficiaries get after this most recent raise.WHAT'S THE TYPICAL INCREASE? Since 2000, it's averaged 2.3% as inflation remained remarkably tame through all kinds of economic swings.
Automatic annual cost-of-living adjustments didn't begin for Social Security until 1975, after a law passed in 1972 requiring them. The CPI-W, meanwhile, covers only about 29% of the U.S. population. It has been around longer than the CPI-U, which the government began compiling only after the legislation that required Social Security's annual increases be linked to inflation.
That in turn would mean a faster drain on Social Security's trust fund, which looks to run empty in a little more than a decade at its current pace. IF THE INCREASE IS BASED ON INFLATION IN URBAN AREAS, WILL PEOPLE IN RURAL AREAS GET THE SAME BOOST? Yes.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Social Security increase: Here’s when the COLA for 2023 will be announcedMark your calendars: Oct. 13 is the date when the cost-of-living-increase, or COLA, for Social Security will be announced
Source: njdotcom - 🏆 282. / 63 Read more »
GOP plan to cut Social Security, Medicare in 2023 comes into viewRepublicans not only intend to push Social Security and Medicare cuts, they also have a plan to force the Biden White House to accept them. MaddowBlog MaddowBlog There is no way cutting social security and medicare would actually help Americans. MaddowBlog Must be election time when Democrats claim SS and Medicare are going away if you don't vote for us. I'm in my 30s. Simple math says the biggest threat to those programs is letting them continue down the road that drives them off a cliff. I'm not counting on either.
Source: MSNBC - 🏆 469. / 51 Read more »
Will everyone on Social Security get the same increase for 2023?Plenty of controversy accompanies the move, known as a cost-of-living adjustment or COLA. Spolier alert to avoid the ad riddled . 'Yes. Everyone gets the same percentage increase, whether they have millions of dollars in retirement savings or are just scraping by.' ---The AP
Source: PennLive - 🏆 463. / 53 Read more »
Social Security benefits to increase 8.7% in 2023JUST IN: Social Security and Supplemental Security Income benefits for approximately 70 million Americans will increase 8.7% in 2023 as Americans deal with the highest inflation rates in decades. ICYMI. Anyone calling this a hand out has absolutely no clue. It happens every year and it’s based on numbers that have nothing to do with politics. In early 2021, a WORLDWIDE increase in inflation began to occur. It has been attributed to various causes, including pandemic-related fiscal & monetary stimulus, supply shortages (including chip & energy shortages), price gouging & as of 2022, the Russian invasion of Ukraine. Dollar store merch went up 25%. Home energy went up 19%. Chicken 99%. Gas? don't ask. This doesn't even begin to cover the Biden-caused inflation. Shame on anyone who votes for a Democrat ever agin.
Source: ABC - 🏆 471. / 51 Read more »
Social Security Benefits To Jump 8.7% In 2023, As Top Tax Hits $19,865As inflation runs the hottest in four decades, 70 million Americans will benefit from the largest Social Security cost of living adjustment since 1981.
Source: Forbes - 🏆 394. / 53 Read more »
Social Security COLA 2023 benefits are getting an 8.7% bump — here’s what that means for recipientsThis past year’s COLA was previously the 40-year record-breaker at 5.9%. The record was just shattered again.
Source: MarketWatch - 🏆 3. / 97 Read more »