According to the Social Security Administration, approximately 90% of Americans aged 65 and older receive social security benefits. It's also worth noting that one trillion dollars will have been paid in 2022, per the government website.
If you're one of the millions of Americans who rely on social security, I have good news: your payments are going to increase in 2023. It's all thanks to something known as the cost-of-living adjustment (aka COLA).
According to Investopedia, "A cost-of-living adjustment (COLA) is an increase made to Social Security and Supplemental Security Income (SSI) to counteract the effects of rising prices in the economy—called inflation." So, how much will your social security payments increase? Good question. And the answer is 8.7%. That number is pretty big as a $1,000 payment would increase to $1,087. And obviously, you can use the extra cash to help pay rent, buy groceries, and spend money on other important things.
Cost-of-living adjustment payments will be applied to benefits in January 2023 for retirees. And if you're receiving SSI, your first payment will occur on December 30th. If you'd like to see a full schedule of payments to be made in 2023, you can check out the schedule of Social Security Benefits on the official government website.
If you don't receive your payment on the expected date, the Social Security Administration recommends waiting a few days before contacting the government agency.
What do you think about the increase in social security payments? Leave a comment with your thoughts. And if you think more people should read this article, share it on social media.
Comments / 25