Social Security

That's because Social Security benefits are raised each year according the cost-of-living adjustment (COLA), which is based on a version of the consumer price ...

While the housing boom during the pandemic may be good for retirees who own their own homes, rising housing costs could be a challenge for seniors who rent, especially in parts of the country where rents are rising by double digits. Not surprisingly, retirees also spend more than working-age Americans on healthcare, at $6,833 a year, compared to $5,193 for all American households. As a percentage of their household budget, retirees spend more on housing than working-age Americans, allocating 35% of their monthly budget to housing, compared to 33% for all U.S. According to a recent consumer expenditure survey from the Bureau of Labor Statistics, the average retiree household spends $50,220 annually, compared to the average across all U.S. That's because Social Security benefits are raised each year according the cost-of-living adjustment (COLA), which is based on a version of the consumer price index (CPI-W), measured from the third quarter of one year to the third quarter of the next. As of July, the CPI-W was up 9.1% on a year-over-year basis so the 2023 COLA is likely give a significant boost for most retirees.

Many Americans who are now retired or near retirement are facing or will be facing financial difficulties over the next several years, according to new ...

- Magazine - Home - BenefitsPRO

In 2001, the New Zealand government established universal retirement pensions, paid for by a taxpayer-funded sovereign wealth fund . Now, after over two decades ...

Compare that to New Zealand’s, which earned [9.9%.](https://www.nzsuperfund.nz/) If Congress copied New Zealand's approach, today’s Social Security reserves could provide returns high enough to subsidize and eventually even cover the entire cost of Social Security. Aadi Golchha is a New Zealand-based economic commentator and writer, proudly advocating for the principles of free enterprise. And instead of growing the United States’s retirement fund, Americans’ contributions are stuck in a revolving door, going straight from worker to retiree as the shortfall grows. In contrast, the Social Security trust fund is legally required to invest exclusively in securities with federally guaranteed principal and interest. As a result, Kiwis enjoy incredibly high financial security in retirement at a small fraction of the price that Americans pay. Social Security at first glance, a few key differences have allowed New Zealand’s pension fund to flourish as U.S. New Zealand's system is far from perfect, but its lessons of sustainable growth and operational independence are essential. In 2021, Social Security made just New Zealand's fund has the freedom to invest in global securities, private equity, and venture capital. With a waning worker-to-employee ratio, commonly proposed solutions like increasing funding or cutting benefits do little more than kick the can down the road. Now, after over two decades of prudent investing, it generates enough money to fund generous pensions with negligible ongoing contributions. [program is set](https://www.crfb.org/papers/analysis-2021-social-security-trustees-report) to run a $2.4 trillion deficit over the next decade and exhaust its reserves by 2034.

Eligible recipients will receive their payment of $841 on Sept. 30, equaling a total of $1682 after their earlier payment this month.

[CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER](https://www.washingtonexaminer.com/) [SOCIAL SECURITY PAYMENT 2022: DIRECT MONTHLY SSDI CHECKS WORTH UP TO $3,345 TO GO OUT IN 4 DAYS](https://www.washingtonexaminer.com/news/social-security-payment-ssdi-check-four-days) The recipients will be given a total of $1,682 after their two [payments](https://www.washingtonexaminer.com/tag/money), while eligible couples will have two payments of $1,261 this month, totaling $2,522, according to the Social Security Administration. 30](https://www.ssa.gov/pubs/EN-05-10031-2022.pdf) for the same amounts they received on Sept. But some recipients may end up earning less than what they currently receive due to the increase in payments placing them in higher September is one of three months this year in which there are two SSI payments, with the other two months being April and December.

Recipients of Social Security Disability Insurance are set to receive their monthly payment of up to $3345 in just two days.

FOUR TRADITIONAL INDICATORS — AND FOUR WEIRD ONES](https://www.washingtonexaminer.com/policy/economy/recession-indicators-traditional-unconventional) [Social Security Administration](https://www.ssa.gov/pubs/EN-05-10031-2022.pdf). Those who receive SSDI may also be eligible for the monthly Supplemental Security Income payment from the Social Security Administration.

DECADES high inflation is expected to push Social Security's cost-of-living-adjustment, also known as COLA, to its highest level since the 1980s.How.

[Social Security tax](https://www.the-sun.com/money/4970566/social-security-tax-proposal-minnesota/). [direct payment starting](https://www.the-sun.com/money/6201526/direct-payments-stimulus-hawaii-illinois/) to residents in Hawaii and Illinois starting today. [According to the Social Security Administration](https://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/) (SSA), the average monthly benefit as of July 2022 was $1,624. [the Detroit Free Press](https://www.freep.com/story/money/personal-finance/susan-tompor/2022/08/16/inflation-boost-social-security-checks-2023/10307209002/#link=%7B%22role%22:%22standard%22,%22href%22:%22https://www.freep.com/story/money/personal-finance/susan-tompor/2022/08/16/inflation-boost-social-security-checks-2023/10307209002/%22,%22target%22:%22_blank%22,%22absolute%22:%22%22,%22linkText%22:%22the%20Detriot%20Free%20Press%22%7D). But the maximum taxable earnings cap is ruled by the National Average Wage Index (NAWI) and it is expected to raise the cap in 2023. [Social Security Administration](https://www.the-sun.com/topic/social-security/) (SSA) announced the COLA the same day CPI-W was announced. [inflation](https://www.the-sun.com/topic/inflation/) rates that surged to as much as 9.1 percent year-over-year in June of this year. [Motley Fool](https://www.fool.com/investing/2022/09/10/the-3-biggest-social-security-changes-in-2023/). [COLA](https://www.ssa.gov/cola/) for 2023 will be based on third-quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers ( [CPI-W](https://www.the-sun.com/topic/consumer-price-index/)). [retirement](https://www.the-sun.com/live_blog_entry/live-blog-cola-social-security-payment-schedule-2022-first-1657-september-payment-drops-next-week-see-exact/live-blog-entry-1662672224581/) benefit by $92 a month. [Social Security](https://www.the-sun.com/topic/social-security/) increase will not be revealed until at least the middle of next month. [2023 COLA announcement](https://www.gobankingrates.com/retirement/social-security/social-security-cola-increase-2023-announced-how-much/) is anticipated to come on October 13, after the September CPI report is released.

An internet search for “divorce celebrations” turns up a range of gift ideas, from care boxes of scented candles and mugs imprinted with affirmations to ...

(Primary insurance amount (PIA) is the term that describes what anyone eligible for Social Security benefits is entitled to upon reaching [normal, or full, retirement age](https://www.ssa.gov/OACT/ProgData/nra.html). [primary insurance amount](https://www.ssa.gov/OACT/COLA/piaformula.html) (PIA) from Social Security that is less than one-half of the former spouse’s PIA. Even years after a divorce, Social Security has some surprise gifts—options for financial support that revert to when a couple was married. To do so, an individual must have: Cases of divorce come up often. These cheeky ideas may leave you thinking that it's over once the divorce papers are signed.

On September 9, 2022, One Medical, Inc. confirmed that the company experienced a data breach after an unauthorized party gained access to sensitive consumer ...

On September 9, 2022, One Medical sent out data breach letters to all individuals whose information was compromised as a result of the recent data security incident. While we don’t know for certain what the company was referring to when it used the term medical information, there is a good chance that it was protected health information. Given the personal nature of your protected health information, healthcare data breaches are very concerning. To learn more about how to protect yourself from becoming a victim of fraud or identity theft and what your legal options are in the wake of the One Medical data breach, please see our recent piece on the topic Based on the data types that were compromised, it’s possible that the breach could have impacted employees or customers of the company or both. confirmed that the company experienced a data breach after an unauthorized party gained access to sensitive consumer data that had been entrusted to the company.

Keily said if your total income is $100,001 up to $125,000, you can deduct a percentage of your retirement income: 50% if you are married filing jointly, 25 % ...

[does not tax Social Security income,](https://njmoneyhelp.com/2022/04/i-retired-early-can-i-still-take-the-pension-exclusion/) the $100,000 in gross income does not include Social Security, he said. “The `Other Retirement Exclusion’ is available only if your salaries, wages, sole proprietorships, partnerships and S-Corporations were $3,000 or less.” If your total income is $125,001 up to $150,000, you can deduct a smaller percentage of your retirement income: 25% if you are married filing jointly, 12.5% if you are married filing separately and 18.75% if you are single, head of household or a qualifying widow(er). Keily said if your total income is $100,001 up to $125,000, you can deduct a percentage of your retirement income: 50% if you are married filing jointly, 25 % if you a married filing separately and 37.5% if you are single, head of household or a qualifying widow(er). How do Social Security totals play into the yearly income calculation for the pension exclusion? I would be under $150,000 for sure without Social Security.

You perform better than most at your job and your hobbies. Why not beat the pack with your retirement income, too?

You could even start a [side hustle](https://www.fool.com/the-ascent/personal-finance/articles/11-side-hustles-for-busy-millennials/) to boost your income. [ask your boss for a raise](https://www.fool.com/the-ascent/personal-finance/articles/a-raise-could-help-you-fight-inflation-3-tips-on-how-to-ask-for-one/), or get a second job. With 30 years on your work record, your average income using Social Security's formula is about $47,000. Beat the averages in two or more of those areas, and you're on your way to earning more than the $1,671 average from Social Security at [retirement](https://www.fool.com/retirement/). If you've only worked, say, 30 years, Social Security includes the missing five years with zero income in the average calculation. Work the full 35 years, and your average moves up to $55,000 -- in line with your actual income at retirement. The average salary for workers aged 55 and older is $57,980. If you're focused on higher Social Security income, waiting to apply is the most straightforward strategy. For retired workers, the average monthly Social Security benefit is $1,670.95 -- or about $20,000 a year. Your FRA is between 66 and 67 years old, depending on what year you were born. Each month you delay your Social Security application, your benefit rises. This is the earliest age you can begin collecting Social Security.

The monthly Social Security benefit you're entitled to in retirement will hinge on your personal earnings history, and also, the age at which you sign up.

But if you're sitting on a nest egg worth millions, then frankly, you've earned the right to claim Social Security whenever you want to. And you should definitely expect to fall back on Social Security a lot if you have no savings at all. But if these reasons apply to you, then filing at 62 makes a lot of sense despite the lower monthly benefit involved. But if a career change is what it takes to keep you in the workforce for many more years, then it pays to go for one. The monthly Social Security benefit you're entitled to in retirement will hinge on your personal earnings history, and also, the age at which you sign up. If you wait until full retirement age to claim Social Security (which is 66, 67, or somewhere in between), the monthly payday you're eligible for based on your wage history won't be reduced.

For many people, their social security benefits will be a major part of their retirement income. Now, we have the news that, unless Congress acts, social ...

A summer of frustration for many seeking help has prompted the Social Security Administration to promise better customer service going forward.

Years of being underfunded and understaffed also contributed to this summer of discontent, as the SSA faces an ongoing [backlog of disability claims](/retirement/social-security/questions-answers/hearing-wait-time/), an outdated phone system that won’t be replaced before early 2023, and the task of getting more than 1,200 field offices up to service speed. “We regularly hear from members who are frustrated by their interactions with the agency,” LeaMond wrote. What’s at stake now is consumer confidence in a system that serves nearly 68 million Americans. [questions last month from congressional leaders](https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/LetterSSAonService81622.pdf). [AARP Membership — $12 for your first year when you sign up for Automatic Renewal](https://join.aarp.org/MEM?campaignID=UBJFARTL) [improve customer service](/retirement/social-security/info-2022/customer-service-complaints-and-improvements.html) following a summer of frustration for many who sought help at field offices that [reopened in April](/retirement/social-security/info-2021/field-offices-reopening-plan.html) after being largely shut down for more than two years due to the pandemic.

COUNCIL BLUFFS, IA – Eric Jimenez Del Carmen, age 39, a Mexican citizen who resided in Denison, was sentenced on Wednesday, September 7, 2022, ...

Westphal of the Southern District of Iowa made the announcement. Homeland Security Investigations and the Social Security Administration investigated the case. In November 2019, Del Carmen applied for employment with Monogram Foods, located in Harlan, by knowingly using a social security number that had not been assigned to him.

“(He) used the Social Security number to obtain employment” as he did not have his own government-assigned number, according to the plea agreement. Prosecutors ...

“Looking at the defendant’s criminal history it is very apparent that the defendant is not interested in living a lawful life,” authorities said. The 39-year-old man, of Denison, pleaded guilty to misuse of a Social Security number in April. Now months later, he’s been sentenced to 21 months in federal prison, according to a Sept. He began using someone else’s Social Security number in 2006. He got the job, and now he has been sentenced to prison. Prosecutors say he also obtained a California ID, a U.S.

A summer of frustration for many seeking help has prompted the Social Security Administration to promise better customer service going forward.

Years of being underfunded and understaffed also contributed to this summer of discontent, as the SSA faces an ongoing [backlog of disability claims](/retirement/social-security/questions-answers/hearing-wait-time/), an outdated phone system that won’t be replaced before early 2023, and the task of getting more than 1,200 field offices up to service speed. “We regularly hear from members who are frustrated by their interactions with the agency,” LeaMond wrote. What’s at stake now is consumer confidence in a system that serves nearly 68 million Americans. [questions last month from congressional leaders](https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/LetterSSAonService81622.pdf). [AARP Membership — $12 for your first year when you sign up for Automatic Renewal](https://join.aarp.org/MEM?campaignID=UBJFARTL) [improve customer service](/retirement/social-security/info-2022/customer-service-complaints-and-improvements.html) following a summer of frustration for many who sought help at field offices that [reopened in April](/retirement/social-security/info-2021/field-offices-reopening-plan.html) after being largely shut down for more than two years due to the pandemic.

PORTLAND, Maine: A Berwick woman pleaded guilty today in U.S. District Court in Portland to Social Security fraud and theft of public money, U.S. Attorney ...

Politano faces up to five years in prison on the Social Security fraud charge and up to 10 years in prison on the theft of public money charge, a fine of up to $250,000 on each charge, and up to three years of supervised release. She will be sentenced after the completion of a presentence investigation report by the U.S. District Court in Portland to Social Security fraud and theft of public money, U.S. In an interview with law enforcement agents, she admitted concealing her living situation from SSA and HUD because she knew it would make her ineligible to receive benefits. Politano also concealed her husband’s presence from the U.S. PORTLAND, Maine: A Berwick woman pleaded guilty today in U.S.

An 8.7% Social Security cost-of-living adjustment could be possible in 2023, according to a new estimate based on government inflation data released on ...

Another 0.75 percentage point rate increase [could come later this month](https://www.cnbc.com/2022/09/09/feds-waller-sees-significant-rate-hike-this-month-backs-data-dependent-approach.html). Between now and then, there are several factors that could affect next year's increase and how much of that money makes it to retirees' checks. Here are three to watch: [standard Part B monthly premium is $170.10](https://www.cnbc.com/2021/11/12/medicare-standard-part-b-premiums-for-2022-jump-by-14point5percent-.html). [typically announced by the Social Security Administration](https://www.cnbc.com/2021/10/13/social-security-cost-of-living-adjustment-will-be-5point9percent-in-2022.html) in October. [0.75 percentage point interest rate hike](https://www.cnbc.com/2022/07/27/fed-decision-july-2022-.html). [predicting back in June](https://www.cnbc.com/2022/07/13/social-security-cost-of-living-adjustment-could-be-10point5percent-in-2023.html), it's still going to be the highest in four decades," said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. [5.9% boost to benefits](https://www.cnbc.com/2022/01/04/5-point-9-percent-social-security-cost-of-living-adjustment-takes-effect-this-month.html). [inflation rose 8.3%](https://www.cnbc.com/2022/09/13/inflation-rose-0point1percent-in-august-even-with-sharp-drop-in-gas-prices.html) over the past year as of August amid volatile energy and food costs. [Social Security adds safety protocols for in-office visits](https://www.cnbc.com/2022/09/06/social-security-adds-safety-protocols-as-visitors-face-long-wait-times.html) [Inflation is driving long-term care costs even higher](https://www.cnbc.com/2022/08/30/planning-ahead-can-help-families-afford-long-term-care-amid-inflation.html) [Social Security could be a 'front-burner issue' in November's election](https://www.cnbc.com/2022/08/31/social-security-may-be-a-front-burner-issue-in-novembers-election.html) [increased 8.7%](https://www.bls.gov/news.release/cpi.nr0.htm) over the past 12 months as of August. [Personal Finance](https://www.cnbc.com/personal-finance/)

Social Security payments could rise by 8.7% in 2023 for about 70 million retirees, disabled people and others. That would be the most since 1982.

The Social Security Administration bases its cost-of-living adjustment for the coming year on average annual increases in the consumer price index for urban wage earners and clerical workers, or CPI-W, from July through September. And over a longer period, Social Security recipients have lost buying power. That includes 21% who worry they’ll have to pay taxes on their Social Security payments for the first time after previously falling below income thresholds. If inflation eases next year, as expected, Social Security recipients could close some of that gap, Johnson says.. The consumer price index rose 8.3% in August from a year earlier, continuing to ease from a 40-year high but staying elevated because of rising food, medical care and rent costs. The roughly 70 million people – retirees, disabled people and others – who rely on Social Security could receive an 8.7% cost-of-living adjustment, or COLA, next year, according to an estimate by Mary Johnson, a policy analyst for the Senior Citizen League, an advocacy group.

In reality, for the average earner, Social Security will replace about 40% of pre-retirement earnings. And most seniors need roughly twice that sum to live ...

But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. And so no matter what 2023's COLA ends up looking like, a lot of seniors could still wind up cash-strapped in the coming year just as they are right now. Of course, many seniors are banking on a giant raise for 2023. Right now, it's too soon to say what next year's Social Security COLA will look like because we're not through with the third quarter of the year. Social Security COLAs are based on third quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures fluctuations in the cost of consumer goods. And once that information hits, seniors will have a better sense of what their benefits will look like next year.

Since 1972, the Social Security Administration (SSA) has measured inflation and calculated COLAs using the Consumer Price Index for Urban Wage Earners and ...

[ten best stocks](https://www.fool.com/mms/mark/e-sa-bbn-eg?aid=8867&source=isaeditxt0000476&ftm_cam=sa-bbn-evergreen&ftm_pit=6627&ftm_veh=article_pitch&utm_source=LeeEnterprises&utm_medium=feed&utm_campaign=article&referring_guid=5e91da08-2a49-4817-8429-e7748bf0afaf) for investors to buy right now... That makes the CPI-E prone to error, simply because it is based on limited data. It's based on purchases made by individuals 62 years of age and older, meaning it naturally emphasizes the spending categories that are most relevant to retirees. Since 1972, the Social Security Administration (SSA) has measured inflation and calculated COLAs using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). But many experts argue that the math is flawed. [cost-of-living adjustments](https://www.fool.com/retirement/social-security/colas/?utm_source=LeeEnterprises&utm_medium=feed&utm_campaign=article&referring_guid=5e91da08-2a49-4817-8429-e7748bf0afaf) (COLAs) are calculated is one of the most pressing issues.

Disability insurance recipients may also qualify for SSI if they have limited resources or income and can prove a work history, the administration states. CLICK ...

[Supplemental Security Income](https://www.washingtonexaminer.com/news/social-security-payment-check-double-september-stimulus-update) differ, as SSDI is for people who are disabled and have a qualifying work history. [according](https://www.ssa.gov/pubs/EN-05-10031-2022.pdf) to the Social Security Administration. [SOCIAL SECURITY PAYMENT 2022: SECOND HALF OF DOUBLE MONTHLY $1,682 CHECKS TO BE SENT IN 20 DAYS](https://www.washingtonexaminer.com/news/social-security-second-payment-double-september-check-stimulus-update)

Last year saw a 5.9% increase for benefits recipients, but experts are expecting an even greater rise for the 2023 payments.

The projected adjustment, newly updated to reflect the August consumer price index, will raise the average Social Security retirement benefit of $1,656 by ...

For couples filing jointly, if you and your spouse have income between $32,000 and $44,000, you may have to pay income tax on up to 50% of your benefits; if your income is more than $44,000, up to 85% of your benefits may be taxable. If you file an individual tax return and your income is between $25,000 and $34,000, you may have to pay income tax on up to 50% of your benefits; if your income is more than $34,000, up to 85% of your benefits may be taxable. The COLA could push some higher earners into the bracket where they have to pay income-adjusted Medicare premiums. Medicare Part B premiums are automatically deducted from most retirees’ Social Security checks. The increase is based on a calculation that compares the average consumer-price index from the third quarter of 2022 with data from the same period last year. The annual cost-of-living adjustment, or COLA, is designed to help benefits keep pace with inflation, which, though moderating slightly from earlier this year, has remained stubbornly high.

Last year saw a 5.9% increase for benefits recipients, but experts are expecting an even greater rise for the 2023 payments.

[calculated](https://www.ssa.gov/cola/) using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) published monthly by the US Bureau of Labor Statistics. The Social Security Administration uses the monthly average from the third quarter (July, August, and September) to compare to the same period the year before. Some experts suggest that the COLA increase Every year the Social Security Administration alters its monthly benefit payments using the annual Cost-Of-Living-Adjustment (COLA). I think that’s probably the big uncertainty.” The August data will be published on Tuesday, 13 September.

The final 2023 Social Security cost-of-living adjustment estimate was released today, a month before the official one is announced Oct. 13.

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That seems fine at first glance, but there is a problem. CPI-W is based on purchases made by office workers and hourly wage earners, and the spending patterns ...

That makes the CPI-E prone to error, simply because it is based on limited data. It's based on purchases made by individuals 62 years of age and older, meaning it naturally emphasizes the spending categories that are most relevant to retirees. Since 1972, the Social Security Administration (SSA) has measured inflation and calculated COLAs using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). For instance, the working population tends to spend more on education, apparel, and transportation, while the retired population generally spends more on housing and medical care. But many experts argue that the math is flawed. [cost-of-living adjustments](https://www.fool.com/retirement/social-security/colas/) (COLAs) are calculated is one of the most pressing issues.

With the Bureau of Labor Statistics tracking an increase in the Consumer Price Index, the 2023 COLA for Social Security could be historic in size.

Based on these increases, if the COLA were calculated using the average of July and August, an 8.1 percent COLA would be offered. The issue with using a three-month screenshot to determine the COLA is that it may not represent the financial stress households have been under throughout this inflation crisis. Combined, the last two months of price movement have landed on a 6.3 percent increase in average prices in August compared to last year. This is exemplified by the fact that the COLA could decrease from what would be offered based on last month’s data. Since last October, the CPI-W has shot up from 271.552 to 290.973. The SSA uses the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which saw a slight decrease in overall prices, unlike the more commonly referenced CPI-U.

In reality, for the average earner, Social Security will replace about 40% of pre-retirement earnings. And most seniors need roughly twice that sum to live ...

But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income. And so no matter what 2023's COLA ends up looking like, a lot of seniors could still wind up cash-strapped in the coming year just as they are right now. Of course, many seniors are banking on a giant raise for 2023. Right now, it's too soon to say what next year's Social Security COLA will look like because we're not through with the third quarter of the year. Social Security COLAs are based on third quarter data from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which measures fluctuations in the cost of consumer goods. And once that information hits, seniors will have a better sense of what their benefits will look like next year.