Seniors and millions of other Social Security recipients will soon get their biggest benefit hike since 1981, with the pension program set to deliver an 8.7% cost-of-living increase in 2023.
The annual cost-of-living adjustment, or COLA, takes effect with the December benefits, but those payments will largely be made in January 2023,to the Social Security Administration. With the increase, the average benefit check will rise more than $140 to $1,827 a month, compared with the typical benefit of $1,681 in 2022.
As a result, 4 in 10 seniors said they drained their emergency savings to stay afloat this year, the group said."Anytime they go through a loss of buying power, that means they are exhausting other retirement resources, like savings, or may be putting more on credit cards or they might turn to safety net programs," said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League.
The 8.7% COLA adjustment for 2023 will help seniors who have struggled with surging costs for everything from food to gasoline, but it may take some of them a while to rebuild their emergency savings or get back on solid financial ground, she noted. recipients' birth datesPeople who claimed Social Security before May 1997 or who receive both Social Security and Supplemental Security Income will receive their Social Security payment on January 3.
Those with birthdays that fall between the 11th to 20th of any month will have their payments deposited or mailed on the third Wednesday of each month. Their first check with the enhanced COLA will arrive on January 18.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Social Security update: Will seniors get their Social Security payments before Christmas?Around 70 million Social Security recipients are scheduled to receive an 8.7% cost-of-living adjustment in Jan. 2023, meaning that it will show up in January payments. Here's what else you need to know about the Social Security payment schedule.
Weiterlesen »
Home prices will remain stable in 2023 despite further decline in sales, realtor group predictsHome prices will tick up 0.3% to $385,800 next year from an estimated $384,500 this year, said Lawrence Yun, the chief economist at the National Association of Realtors.
Weiterlesen »
BTS will be featured in one of 23 special edition Korean national stamps in 2023 | allkpopBTS will be getting their very own, special edition Korean national stamps in 2023!On December 14, the Korea Post (the national postal service of …
Weiterlesen »
Tether to reduce secured loans to zero in 2023 amid battle against FUDThe world’s leading stablecoin issuer Tether has pledged to wind down its lending business while it continues to battle a torrent of mainstream media FUD.
Weiterlesen »
Football recruiting: McClymonds star running back chooses CalJaivian Thomas becomes the first running back to commit to Cal in the 2023 recruiting class.
Weiterlesen »
Climate change will fuel humanitarian crises in 2023 -studyClimate change will accelerate humanitarian crises around the world in 2023, adding to the issues created by armed conflict and economic downturns, according to a study by the NGO International Rescue Committee (IRC).
Weiterlesen »