Should You Still Buy a Home in Today's Market?ġ0 Things to Do Now If Your Credit Score Is Under 700 Get Ready for Retirement Now With Expert Tips for Every Stage of Life The Downsides of Retirement That Nobody Talks About Social Security Benefits: What Will (and Won’t) Get Taxed From Your Monthly CheckĪ 9% increase could boost Social Security checks for seniors by roughly $150 per month. See: 6 Reasons You Won’t Get Social Security Fuel prices at the pump have been declining in the past month, so that could help drive the CPI down. Richard Johnson, director of the retirement policy program at the Washington, DC-based Urban Institute, told AARP, “I think somewhere in the 9% range is probably a reasonable guess.” He added that energy prices could be the wild card in the CPI. That would represent the biggest increase since 1981 when the COLA hit 11.2%, wrote. With this in mind, experts are speculating that the 2023 COLA could be as high as 10%. The CPI for July was 9.1%, the first of three months that will determine the COLA for 2023. COLA increases are rounded to the nearest one-tenth of 1%. An SSA spokesperson confirmed with the website that the 2023 COLA will be announced in October.Īccording to the SSA website, COLA increases are based on the CPI for Urban Wage Earners and Clerical Workers (CPI-W) from the third quarter of the prior year. Social Security: Don’t Lose Money by Delaying Benefits in This Common ScenarioĮxplore: 7 Surprisingly Easy Ways To Reach Your Retirement Goalsįor instance, last year, the SSA released the 2022 COLA on the same day the September CPI was announced. 13, the COLA should be announced around that same time. With the Consumer Price Index (CPI) for September 2022 set to be released on Oct. The $47 increase will especially benefit the nearly 3 million Americans who receive both Social Security and SSI benefits together.Each year, usually in October, the Social Security Administration announces the cost-of-living adjustment (COLA) increase for the following year. Senior Stimulus: How an Additional $1,400 Check Could Help Social Security Recipients Afford Rising Grocery Costsįor those who receive SSI, this amount is expected to increase to $821 in 2022, up from $794 per month in 2021, according to Forbes. The SSA estimates that increased payments to SSI beneficiaries will reach approximately 8 million people next year. Americans who receive Supplemental Security Income benefits will actually be able to see their increases a little sooner, began on Dec. This year’s adjustment is one of the highest COLA jumps in decades.įorbes estimates that the increase in benefits will benefit nearly 62 million Americans who receive Social Security benefits in January 2022. COLA increases in the past couple of years have been around 1%-1.3%. Over the past 12 months, prices have increased 6% in nearly all major sectors, and especially important for seniors, in every major grocery store category. The roughly $100 increase comes after a year of unprecedented inflation. Social Security Poll: What Matters Most to You?Īnalysis: Why CPI-E Is ‘Better Index for Measuring Inflation’ In Terms of COLA for Seniors This means that the average couple could see roughly $3,000 a month. After a 5.9% cost-of-living adjustment scheduled to go into effect this year, the average benefit will rise to about $1,657 according to the Social Security Administration. In 2021, the average monthly Social Security benefit came out to $1,565.
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