As you already know, inflation is hitting Colorado hard. Residents are paying hundreds of dollars more—as much as $1,000 dollars more per household—each month for some individuals. (source)
Thankfully, here's some great news for an estimated 70 million Americans in the United States. That's the number of individuals who will see a 8.7% increase in their Social Security benefits and Supplemental Security Income (SSI) payments. On average, Social Security benefits are increasing by $1,680 which comes out to $140 more per month for eligible recipients.
In addition to increases in 2023, some recipients will be seeing a boost in the first round of checks from the Social Security Administration will be worth as much as $4,194, will be sent in the next few weeks, according to the Social Security Administration.
How does this Social Security increase work?
This new cost-of-living adjustment (COLA) is a game changer for millions of people. The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits are not diminished by inflation. With inflation at record highs this year, it makes sense that benefits have increased 8.7% for qualifying individuals.
How much Social Security will you receive personally?
If you're asking this question, the best thing you can do is to use the Benefits Calculator on the Social Security Administration's website. Here's the official link. Once on the Social Security Administration's website, it will take you step-by-step through the process. If you need assistance, you can find it there as well on the official SSA website.
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