Social Security COLA 2023 | Summary news 15 October
2023 Social Security COLA: latest news
COLA 2023 Headlines: Saturday, 15 October 2022
- Social Security Adminstration announces historic increase of 8.7 percent.
- How much will benefits increase by next year?
- How to calculate your new Social Security benefit amount, given 2023 COLA.
- COLA 2023 will be applied beginning early next year.
- Some economists voice an unpopular belief that a large COLA increase could have negative consequences.
- Social Security benefits: Work requirements and eligibility.
- A look into the three major benefit programs run by the Social Security Administration.
- Social Security and Income: when do benefits get taxed?
President Biden talks social security and medicare
The president, in Portland for a two-day trip to campaign for Democrats ahead of the 8 November general election, delivers a speech in which he discusses the Inflation Reduction Act, as well as his plan to protect and strengthen Medicare and Social Security.
You can watch and listen.
Will 8.7% boost Dems in election?
With tens of millions of Americans getting a financial leg up in the coming months thanks to the Democratic party, some on the other side are trying to argue that it will not help them in the upcoming elections. What do you think?
Social security matters to most
Dick Ausman, the Democratic candidate running to represent Wisconsin's 7th CD in the US House of Representatives, has been on Twitter highlighting the importance of social security to everyday Americans. He argues that rival Tom Tiffany has rather different objectives.
The Social Security Administration manages three benefits schemes for Americans: Social Security retirement, Social Security disability, and Supplemental Security Income.
Only three COLAs have been larger than in 2023
Thursday's cost-of-living adjustment is the fourth largest since the Social Security Administration began implementing the annual mechanism nearly half a century ago.
Since 1975, the only increases that have been greater than the 8.7% hike for 2023 came in a three-year period at the end of the 70s and the beginning of the 80s.
In 1979, the COLA was 9.9%. In 1980, it then rose to a record 14.3%, before 12 months later it was 11.2%.
The cost-of-living adjustment announced for 2023 was historically big at 8.7%,but it pales in comparison to those at the end of the Great Inflation.
Medicare Part B premiums jumped 15 percent in 2022 but for the first time in a decade the price next year will reduce. Here’s a look at 2023 Part B costs.
Social Security beneficiaries will see larger monthly checks in 2023 with an historic COLA increase, but that raises concerns for the program’s solvency.
The Social Security Administration announced the 2023 COLA on 13 October and the boost was a doozy. Great news for those that are finding their monthly checks not going as far in the face of rising prices. Bad news for those that will break the income thresholds where a portion of their benefits are liable to taxation.
Before 1984, Social Security benefits were not taxed. However, to keep the Trust Fund that supports the program solvent, bipartisan legislation was passed totax a portion of payments to seniors citizens, surviving spouses, and the disabled if they had income above certain thresholds.
Social Security checks are going up. Medicare premiums are going down. That’s a big deal for seniors.
The Social Security Administration has announced the 2023 cost-of-living adjustment to keep benefits from losing purchasing power in the face of rising prices. High inflation over the preceding months made next year’s boost to monthly payments the highest since 1981 and the fourth biggest ever.
Depending on the month for which a payment is made, you may see two payments deposited in the same month, this isn’t a mistake just a result of how the Social Security payments schedule works. However, overpayments of Social Security can happen and the reasons can vary, but don’t fret.
Disabled veterans and military retirees will see their monthly checks get a boost in 2023. The Social Security Administration announced the biggest cost-of-living adjustment since 1981 after the September 2022 inflation report was released.
Military pensions and disability payments, like most other similar government payments, are required by law to use SSA calculation to keep benefits in line with rising prices. Starting in January 2023, an 8.7 percent increase will be applied to monthly payments surpassing last year’s 5.9 percent bump.
With the SSA announcing an 8.7 percent COLA, many are wondering how to calculate their new benefit amount. We will talk you through the process.
The 8.7% COLA increase in 2023 will affect more than just Social Security benefits. Retired government employees will get a boost too,but not all the same.
The Social Security Administration announces annually its cost-of-living adjustment (COLA) to benefits so that they keep pace with inflation. With prices rising at a clip not seen in four decades many beneficiaries will be anxious to see what the boost to their monthly checks will be in 2023.
While the agency mails out letters throughout the month of December, but they request not to contact them until January, the first month when beneficiaries will see payments with the higher amount, as the notice could take time to reach you.
However, you may not need to wait for the mail to know how much your payments will increase based on the 2023 COLA. Most beneficiaries can access the notice online.
Some seniors' drawbacks discussed
"The higher-than-expected COLA costs could have long term implications for Social Security solvency, and could potentially move the insolvency date, currently around 2034, forward."
While benefits are likely to rise with inflation the threshold when tax is levied remains the same meaning more pensioners will be taxed.
COLA 2023 official announcement
If you like to hear your communications straight from the financial benefits horse's mouth, then here you go...
How to get Social Security help?
The best way for people with access to the internet to get help from Social Security is online at ssa.gov.
For those unable to use the website, an 800 Number is available (1-800-772-1213) or call your local Social Security office for help.
For quicker access to a representative at the National 800 Number, try calling early in the day (between 8 a.m. and 10 a.m. local time) or later in the afternoon (between 4 p.m. and 7 p.m. local time).
Welcome to AS USA 2023 COLA increase updates
Hello and welcome to AS USA's live blog on the 2023 Social Security COLA increase for Saturday, 15 October.
The Social Security Adminstration announced the 2023 Cost-of-living adjustment (COLA) for social security benefits, for programs like Supplemental Security Income and Social Security Disability Insurance. Other government pension and benefits programs will also be affected by the 8.7% increase.
The COLA offered for next year is historic in size after inflation has plagued markets for basic commodities consumed by most households, including food, shelter, utilities, and gasoline.