It is calculated by using the average rate of inflation in the third quarter of the year. The COLA is based on the Consumer Price Index for Urban Wage Earners and Clerical Workers. 25.Įven if the inflation data is much improved for September, you can still expect the COLA to be at least 8.5% - the biggest annual increase since the 11.2% COLA in 1981. 18 and those with a birthday from the 21st to the 31 st will get their first check on Jan. Those with a birthday from the 11th to the 20th will get their first check on Jan. Recipients with a birthday that falls on the 1st to the 10th of the month will get their first check with the 2023 COLA on Jan. The 2023 COLA will go into effect with the December 2022 benefits, but those payments will be made in January 2023, CBS News noted. This would boost the typical benefit to $1,802 a month from $1,658 in 2022. Based on CPI data through August, the estimated Social Security COLA for 2023 is 8.7%, according to The Senior Citizens League, a non-partisan seniors advocacy group.Īn 8.7% increase in the 2023 COLA would translate into an average monthly increase of $144.10, CBS News reported. 13, following the release of the Labor Department’s Consumer Price Index data for September. The official announcement is scheduled for Thursday, Oct. See: 20 Best Places To Live on Only a Social Security Check
Social Security: Women Get $354 Per Month Less Than Men - Here’s Why inflation rate took a swift and miraculous dive in September, the Social Security Administration this week is expected to announce its biggest annual cost-of-living adjustment in more than 40 years.
#The rest of my days how to
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