Your Social Security Payment is Going Up Next Year - CNET

By now you may have heard – your Social Security benefit will be going up by 8.7% starting with the payment you receive in January 2023. That is, of course, excellent news for those of us already suffering the insidious effects of inflation on our household budget. But how much will your benefit increase actually be in dollars? Well that depends on what your 2022 benefit is, but for the average retiree that will mean an extra $146 every month. This CNET article by Dan Avery explains all you need to know about how the Cost of Living Adjustment (COLA) is calculated, how much you will get, and when you will get it. Click here to read more.

But here’s a couple of things not mentioned in the article: you’ll get that COLA increase even if you’re not yet collecting Social Security because it will be applied to your Primary Insurance Amount (which is what you will get when you later claim); and if you’re on Medicare, your SS payment will be another $5.90 higher because the Medicare Part B premium is going down by that amount for 2023.

Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. Learn more about it here…

Notice: The link provided above connects readers to the full content of the posted article. The URL (internet address) for this link is valid on the posted date; cannot guarantee the duration of the link’s validity. Also, the opinions expressed in these postings are the viewpoints of the original source and are not explicitly endorsed by AMAC, Inc.; the AMAC Foundation, Inc.; or

What's Your Opinion?

We welcome your comments. Join the discussion and let your voice be heard. All fields are required

Website by Geiger Computers