The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on October 31, 2022, 05:41:57 pm
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October 31, 2022 12:55pm EDT
Social Security benefits to rise by record amount in 2023: Check how much money you could receive
Average monthly Social Security COLA to increase by 8.7%
By Megan Henney FOXBusiness
Social Security recipients are poised to see the biggest cost-of-living adjustment in four decades next year, but exactly how much more money retirees actually see could vary.
The Social Security Administration (SSA) announced earlier this month that benefits are set to rise by 8.7% in 2023, the biggest bump since 1981, when recipients saw an 11.2% jump. It will increase the average monthly benefit by about $146 to $1,827 in 2023 from $1,681 in 2022.
More than 64 million Americans collecting Social Security will receive the bigger payments beginning in January, the administration said.
In December, the SSA will provide notices through the mail and online that include your new monthly benefit for next year. However, you can check sooner to view your COLA notice online by creating a my Social Security account no later than Nov. 15.
more
https://www.foxbusiness.com/economy/social-security-benefits-rise-record-amount-2023-check-how-much-money-you-could-receive
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So, I guess the fair question to ask is where is the money going to come from since Social Security was already facing insolvency?
Fire up the printing press
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A while back I ran the numbers for the past nearly 50 years, and based on what I am going to get, and my life expectancy, my effective rate of return after tax was about 1.7%.
Your government at work.