What is the projected COLA increase for 2023?
The increase has had a knock-on effect the cost of living average (COLA) for 2023, which estimates that the rate of COLA could be 91pc, the highest it's been since in 1981 according to The Senior Citizens League. If inflation continues to rise, COLA could rise to 10.1pc while a dip would see it touch 9.3pc.
The COLA was 11.2% that year. David Certner, legislative counsel and director of legislative policy for government affairs at AARP, says Social Security recipients can expect a COLA of 8-10% for 2023, though these estimates are preliminary and depend on consumer price data through September.
The most recent estimate for a 2023 cost of living adjustment (COLA) is 9.6 percent, says Mary Johnson, Social Security and Medicare policy analyst for senior advocacy group the Senior Citizens League (SCL).
Social Security benefits hike could bring retirees extra $1,800, on average, in 2023. A bigger inflation-boosted Social Security check and, yes, hope for some relief from the headaches caused by high prescription drug costs are on the horizon.
Latest COLA
Social Security benefits will increase by 5.9 percent beginning with the December 2021 benefits, which are payable in January 2022. Federal SSI payment levels will also increase by 5.9 percent effective for payments made for January 2022.
Retirees on Social Security could see monthly benefit rise an average of $159 in 2023 due to inflation, estimate finds. High inflation points to a possible 9.6% Social Security cost-of-living adjustment in 2023, according to a new estimate based on data released Wednesday.
ByBenefits Ben
Just a few weeks ago, our COLA update indicated that next year's adjustment was estimated to be between 7.3% and 10.8%. The most recent inflation percentages indicate that the 2023 COLA will, most likely, be on the higher end of that range.
For 2023, that means military retirees would see an average increase of more than $240 in their monthly retirement checks. Veterans receiving disability compensation from the VA also would see their monthly disability payments increase, with the average monthly amount going up by more than $150.
Phase in elimination by taxing all earnings above the current-law taxable maximum at: 2.48 percent in 2023, 4.96 percent in 2024, and so on, up to 12.40 percent in 2027.
VERIFY already fact-checked one claim, and confirmed that Social Security's annual cost-of-living adjustment (COLA) is expected to be higher than average in 2023 due to inflation.
Are Social Security recipients getting an extra check?
THE ANSWER. No, Social Security recipients will not receive a bonus payment in September. Millions of Supplemental Security Income (SSI) recipients will receive two payments in September, but it is not an extra payment.
Medicare Part D Premiums Are Expected to Drop in 2023 -- but Seniors Shouldn't Celebrate Just Yet.
THE ANSWER
No, Social Security recipients will not receive a bonus payment in September. Millions of Supplemental Security Income (SSI) recipients will receive two payments in September, but it is not an extra payment. Instead, the second deposit is just the October payment a day early.
Back in October, the Social Security Administration announced a 5.9% COLA increase for 2022 for nearly 70 million Social Security and Supplemental Security Income beneficiaries. It's the largest increase in 40 years.