COLA
Next-year’s COLA may be lower
Recent data shows spending among older Americans has increased. This increase in spending may be due to this year’s historic cost-of-living increase, the largest in almost four decades. However, while older Americans may have received a hefty cost-of-living increase, that…
Social Security benefits may not increase as much next year
Approximately 70 million Americans–Social Security and Supplemental Security Income (SSI) beneficiaries–saw an increase of 8.7 percent in their monthly benefits in 2023. According to new research from the Bank of American Institute, the cost-of-living adjustment for 2023 was one of…
The average Social Security benefit in 2023
The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries this month. The 2023 COLA is one of the largest since 1981 when benefits rose by 11.2 percent. The average Social…
Keep your COLA letter in a safe place
You should have received a letter from Social Security Administration concerning your new 2023 Social Security benefit amount, which increased by 8.7 percent in January. Do not throw out or lose that letter. Why? You may need it for several…
Understanding Social Security’s COLA: It’s not as straightforward as many think
What’s so hard about figuring out what your January Social Security payment will be? Don’t you just multiply your December amount by 8.7%? Well, as AOL contributor Vance Cariaga points out in a post on aol.com, it’s not that simple.…
Do not throw out your COLA letter
The Social Security Administration will mail COLA notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees. If you have received your 2023 Social Security COLA letter, do not throw it away; you…
Be aware of these changes to Social Security
There are changes coming to Social Security in 2023. Every year, Social Security undergoes some minor changes, and depending on your situation, they can be either positive or not. Even though you are not receiving Social Security benefits, you should…
When can I see my cost of living adjustment for 2023?
Do you want to know how much your Social Security benefit will be next year in December? You can; if you did this one step before November 15th; if not, you will need to wait for Social Security to mail…
The Social Security Expansion Act
The Social Security Expansion Act (H.R. 8005) was introduced on June 9th by U.S. Rep Peter DeFazio (D-Ore). The purpose of this bill is to enhance Social Security benefits and ensure the long-term solvency of the Social Security program. Among…
Are There Benefits to Inflation Beyond Just Social Security’s Increase?
The 8.7% cost of living adjustment coming in January 2023 is welcome news for seniors on Social Security, even if it only allows folks to just keep pace. But Selena Fragassi notes here that there are other benefits to higher…