Social Security 2023: Latest Announcements Here Full Details Look

Social Security took center stage last week when the retirement program announced that beginning in 2023, beneficiaries will see their biggest payment increase in 41 years.

Credit:  Google Image

For that, they can thank an 8.7% cost-of-living adjustment designed to help seniors and other beneficiaries deal with a soaring inflation rate that is also the highest in 41 years.

Credit:  Google Image

The Social Security Administration’s Oct. 13 announcement that next year’s COLA will rise 8.7% from 2022 was in line with most projections

Credit:  Google Image

On average, Social Security benefits will increase by more than $140 a month in 2023, the SSA said. The 8.7% COLA is the biggest annual increase since the 11.2% adjustment in 1981.

Credit:  Google Image

For anyone receiving Social Security benefits, the new payment amount will start in January 2023, according to the SSA.

Credit:  Google Image

The SSA said it will mail COLA notices throughout the month of December to retirement, survivors and disability beneficiaries, along with SSI recipients and representative payees. These notices will let you know how much your new payment will be.

Credit:  Google Image

If you haven’t set up a Social Security account, you’ll need to create one by Nov. 15 to receive your COLA notice online.

Credit:  Google Image

The 2023 COLA will give seniors an average added benefit of $144 for individuals and $240 for couples filing jointly.

Credit:  Google Image

In some cases, the 8.7% increase in monthly Social Security payments will push seniors into income ranges where Social Security benefits become taxable.

Credit:  Google Image

Student Loan Relief Applications Now Open , Here Full Details