![]() ![]() Take These 6 Key Steps Today To Retire a Millionaireĥ Fastest Ways To Boost Your Credit Score The 47 increase will especially benefit the nearly 3 million. The official Social Security COLA for 2023 will be announced in October based on increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).ġ5 Worst States To Live on Just a Social Security Check For those who receive SSI, this amount is expected to increase to 821 in 2022, up from 794 per month in 2021, according to Forbes. Take Our Poll: Are You Concerned That Social Security Benefits Will Be Reduced During Your Lifetime? Learn: Ways You Can Lose Your Social Security Benefits If inflation rates were to slow down or stop, the COLA could be as low as 7.3%, Money reported.Īn official at the Social Security Administration estimated in June that the 2023 COLA would likely be around 8%, Money added, while the Senior Citizens League’s latest COLA estimate is 8.6%. The CRFB made several predictions based on what inflation could do in the coming months. The 10.8% COLA prediction is also on the upper end of the estimated range. The Federal Reserve also raised its benchmark interest rate by 75 basis points in June, the biggest rate hike in nearly 28 years, The Fool added. A cooling housing market combined with falling commodity prices and lower consumer spending could indicate that inflation may not be rising at such a quick rate later this year. The Motley Fool noted that there are signs that inflation could be moderating. However, this prediction assumes that the COLA for 2023 is 10.8% if inflation remains unchecked. The average monthly Social Security monthly benefit is $1,540, but a 10.8% COLA increase would raise that benefit amount to $1,694. Reminder: Social Security Will No Longer Extend Timeframe for E-Verify Cases After July 15Īccording to a new prediction from the non-profit Committee for a Responsible Federal Budget (CRFB), the COLA for 2023 could be as high as 10.8%, which would be the highest increase in four decades. SSI amounts for 2022 The monthly maximum Federal amounts for 2022 are 841 for an eligible individual, 1,261 for an eligible. The latest such increase, 5.9 percent, becomes effective January 2022. If inflation continues at its current rate, next year’s COLA could be much higher.įind: 20 Best Places To Live on Only a Social Security Check Maximum Federal Supplemental Security Income (SSI) payment amounts increase with the cost-of-living increases that apply to Social Security benefits. ![]() Millions of Social Security recipients got a 5.9% cost-of-living adjustment (COLA) increase in 2022 - the biggest in decades. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |