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When Big Raise is Coming
Social Security recipients are in line for a 40-year high cost of living adjustment (COLA) of 8.7%. But when? Aimee Picchi of CBS News Moneywatch explains it will show up in the second, third, or fourth Wednesday in January 2023. Those are the normal payment dates, determined by birthday. Picchi notes the 5.9% COLA for 2022 was well below this year’s rise in prices. About 4 in 10 seniors said they drained their emergency savings to stay afloat this year, according to an October survey by the advocacy group the Senior Citizens League. This piece also touches on Medicare premiums, which are declining a bit, and the impact of the large COLA on taxes, as some seniors will cross the threshold where income tax will now be due on some benefits. Full piece here.