Social Security benefits are increasing for 2023 as the Social Security Administration announces an update to the Cost-of-Living Adjustment (COLA).
The COLA 2023 update will see receivers of Social Security get an 8.7% increase. The Social Security Administration came to this decision after evaluating the increases in the Consumer Price Index (CPI) over the last 12 months.
To put that increase in perspective, the average monthly retiree benefit is increasing by $144. Also, those receiving benefits will note that the 8.7% increase comes after an 8.2% increase in the CPI over the prior year.
Dan Adcock, the director of government relations and policy at the National Committee to Preserve Social Security and Medicare, told CNBC the following about the COLA 2023 update:
The COLAs really are about people treading water; they’re not increases in benefits. They’re more trying to provide inflation protection so that people can maintain their standard of living.
When Will the COLA 2023 Increase Go Into Effect?
With 65 million people expected to get the COLA 2023 increase, some are wondering when it will happen. The first new checks will roll out in January 2023. When the person gets their check depends on their date of birth.
Instead of sending checks out all at once, the Social Security Administration breaks it up into weeks. The earlier in the month a person is born, the sooner they’ll get their Social Security check.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
