The cost of living adjustment (COLA) rises
The SSA recently announced that benefit checks will increase by 8.7 percent in the coming year, which is a substantial increase from the usual 5.9 percent adjustment in 2023, which was high anyway. As a matter of fact, the recent COLA was the biggest increase since 1981, when it was only 11.2 percent.
The 8.7 percent adjustment will add to a $146 increase in all monthly benefits for the regular retired worker on Social Security, starting with January. To be more precise, the average check for all retired workers will automatically increase from $1,681 to $1,827.
For a married couple where both partners receive the benefits, the estimated payment will automatically increase from $2,734 to $2,972, which is no less than $238 more.
Since 1975, the Social Security Administration managed to tie the cost of living adjustments to the Consumer Price Index for urban wage earners, but also for clerical workers. The SSA has a method: it compares the third-quarter CPI-W in the last year to the third-quarter CPI-W in the current one.
That’s how COLA is measured. Then, it adjusts the COLA depending on the difference in CPI-W from one year to the following one.
29 Responses
Thank you for the info.It was very helpful.
Gentlemen: For retired people who live outside of the USA, do these changes apply as well, or are they different? I aprecciate your answer.
True or fake?
Monthly Medicare Part B premiums will definitely increase from $170.10 in 2022 to only $164.90 in 2023. ???
Is the statement about increase correct. it looks like it is going down.
This increase is a gift from God, Thank you!!!!!!!
KINDA.PHONY.NO.REAL,HELP
Will I receive the increase and for how long?
I get less then $2,348 a month. I receive $1,260. I sure would like to see my SS higher.
Thank you…
No, it is a gift from Bidens inflation, to be clear
EXTREMELY GOOD INFORMATION!! THANK YOU.
In order to claim one’s husband’s social security, how many years to you two have to be married?
10 years
In order to claim one’s deceased husband’s social security, how many years to you two have to have been be married?
if we stop giving money to even one in the world and give it to the people the that worked for it. it would last.
Then why is it that spouses that were married over 38 years can not be eligible for survivor benefits because the wife worked for a government. Supported the man and he left me with a huge credit card debt and I would only receive $1000.00 on his benefit – I get $350 on my SSI – WHY would I not be eligble for the $1000 a month when certain nationalites can get it and I can’t? Don’t understand it because he commited sucide and I am having a rough time right now! I have tired to appeal it to no avail and NO lawyer will touch it.
You need to change the 1977 laws for survivor benefits. Widows need help. You gave us a raise but take it away in medical expenses.
what good is a raise if you take it away in medical expenses and taxes?
They told me when I applied I was not eligible for disablty because I had fibro and that was NOT a disability – they were wrong – other nationalities claim it and get it why not White people?
I did not get a statement on amount I will get in 2023 .
Nice but the reality of it is for at least the last twelve years that I’ve been disabled, my check got more and more every year yet I had less and less to buy with it!!! the last two “big” adjustments are no different, last year I got my “big” increase yet It had bought me even less of my needs than ever before, it was actually a big pay cut at the grocery store. This year my rent in this low income community went up $210 per month.. Approved by our fine government… The truth is we can not afford these big increases.. Another big increase like this and I’ll be homeless ..while billions flow for the Ukrainians
I feel.for you! Biden is a failure
What is retirement age?
Excellent information
I am a retired Texas teacher, but have enough years, months, etc. paid in for social security. Yet, I only get a portion of social security that I am entitled to. My teacher retirement is not that much because I worked several years prior to that and paying into Social Security.
I need and deserve the money that I am entitled to from Social Security.
Same here, I am in Georgia, it’s crazy, it seems like they took more than half of my Social Security when I got my teachers pension
Are we getting another raise? Already received mine in January?
What about the regular people who are on social security getting $914
Also I’m disabled with metal hips and all I get is $914 I use a walker