The COLA Will Have Tax Implications for Some Seniors The wild card is when (and whether) prices will finally start coming down. Given these increases, a COLA of 8.7% still lags well behind. Gasoline prices are up 18.2% over the same period, heating oil is up 58.1%, natural gas has risen 33.1% and electricity is up 15.5%. Even though that’s the highest increase in more than four decades, some senior advocates say it might not be enough for beneficiaries already struggling to keep up with inflation.įor example, the latest Consumer Price Index data shows that food prices have risen 11.4% over the previous year. The 2023 COLA will give seniors an average added benefit of $144 for individuals and $240 for couples filing jointly. For Some Seniors, the 2023 COLA Still Might Be Enough To avoid scams, don’t click any third-party links through emails. You also can use the Message Center to opt out of receiving mailed notices and set your preferences to receive text or email alerts when there is a new message waiting.įor security purposes, you should always access the Social Security website directly through your browser by entering the address. Once you log into your personal account, check the Message Center in early December to find your 2023 COLA notice. Benefit amounts will not be available before then. The online information will be available in early December, prior to receiving the mailed notice. If you want to find out about your new benefit amount sooner, you can get your Social Security COLA notice online using the Message Center in your personal my Social Security account. These notices will let you know how much your new payment will be. 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.
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How To Find Out How Much More Money You’re Getting Beneficiaries who receive both types will see their payments follow the same schedule, with the SSI increase arriving shortly before the Social Security increase. For those receiving Supplemental Security Income, the new payment amounts will begin Dec. When Will My Increase Begin?įor anyone receiving Social Security benefits, the new payment amount will start in January 2023, according to the SSA.
The 8.7% COLA is the biggest annual increase since the 11.2% adjustment in 1981. On average, Social Security benefits will increase by more than $140 a month in 2023, the SSA said. For months, experts speculated that the 2023 increase would be above 8% - mainly because the inflation rate has consistently been 8% or higher. 13 announcement that next year’s COLA will rise 8.7% from 2022 was in line with most projections. The Social Security Administration’s Oct. Here’s a roundup of the latest announcements and other information you should know. See: How Much Does a Person on Social Security Make?įind: 5 Things You Must Do When Your Savings Reach $50,000įor 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. 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.
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