COLA adjustment 2023

2022 - 10 - 11

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Social Security's 2023 COLA: What Retirees Must Know (Motley Fool)

The Social Security cost-of-living adjustment (COLA) for 2023 will be announced on Oct. 13, 2022.

[big COLA in 2023](https://www.fool.com/retirement/2022/10/07/2023-social-security-cola-how-much-benefits-rise/) would be [good news for retirees](https://www.fool.com/investing/2022/10/03/social-security-2023-cola-comes-with-silver-lining/), especially if inflation continues to cool in the coming months. In fact, about 50% of Social Security recipients now pay tax on their benefits, according to the Congressional Research Service, and a big COLA in 2023 is sure to continue the upward trend. In fact, until the 2023 COLA becomes official, the 2022 COLA of 5.9% actually ranks as the largest COLA since 1981. [cost-of-living adjustment](https://www.fool.com/retirement/social-security/colas/) (COLA) that will be applied to Social Security benefits in 2023. That said, retirees should be aware inflation could reaccelerate, meaning the COLA applied to benefits in 2023 could once again underestimate the impact of rising prices. Unfortunately, inflation continued to accelerate after the 2022 COLA was finalized, and the year-over-year change in the CPI-W has now topped 8% for eight consecutive months. Each year, the Social Security Administration uses inflation data from the third quarter (July through September) to determine the COLA for the following year. In fact, the average Social Security recipient has been shortchanged by $418 as of August, according to The Senior Citizens League. The Social Security Administration measures inflation and calculates COLAs using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). However, the Social Security Administration does not calculate and distribute updated benefit information until December. That means the official COLA for 2023 can be calculated after the Bureau of Labor Statistics publishes its September inflation report on Oct. And persistent inflation has sent prices soaring in virtually every corner of the U.S.

Social Security is set to announce biggest benefit hike since 1981 ... (CBS News)

The agency this year is expected to announce its 2023 cost-of-living adjustment, or COLA, on Thursday, October 13. The Social Security Administration bases its ...

That means the first check with the 2023 COLA will land on January 11. Your first 2023 COLA will arrive with your January 25 check. Your first 2023 COLA will arrive with your January 18 benefit. Experts believe the Social Security Administration will announce the cost-of-living adjustment on October 13. About 85% to 90% of Americans on the government health insurance program pay the standard rate, with the premium deducted directly from their Social Security checks. Starting in 2023, seniors on Medicare won't pay more than About Social Security isn't only a program for older Americans. That year, seniors got a benefit boost of 11.2%. "People will be seeing, theoretically, a nice bump in their Social Security benefits this time." Seniors in 2022 received a 5.9% cost-of-living adjustment, but inflation has soared above that every month this year, touching a high of 9.1% in June. The annual inflation adjustment is aimed at keeping seniors from losing purchasing power. - If your birthday falls on the 1st to 10th of the month, your payments arrive on the second Wednesday of the month.

Why Seniors Are Getting a Large Social Security COLA in 2023 (U.S News & World Report Money)

Build your retirement budget based on your Social Security benefit, which can change from year to year. By Rachel Hartman. |. Reviewed by Emily Brandon.

“Since Medicare costs come out of many people’s Social Security income, the COLA applied to their benefit should be more noticeable,” says Brian Kuhn, a senior vice president and financial advisor at Wealth Enhancement Group in Fulton, Maryland. [accommodate for inflation](https://www.usnews.com/money/retirement/aging/articles/how-retirees-can-cope-with-inflation), and the 2023 adjustment will reflect rising prices. The COLA paid out in 2022 was 5.9%. For example, if the COLA is 5%, a retiree who receives $1,000 a month in benefits will have a $50 increase. “One way that the COLA can impact retirees is by increasing the amount of income they will have each year,” Collins says. In August, the Consumer Price Index, which measures the average cost of living expenses, climbed by 8.3%. In 1975, the first COLA was 8%. Since then, the highest COLA was 14.3% in 1980. The COLA is calculated using the annual change in the Consumer Price Index for Urban Wage Earners and Clerical Workers. [cost-of-living adjustment](https://money.usnews.com/money/retirement/social-security/articles/the-history-of-your-social-security-payments) for Social Security benefits for the following year. If this measure of inflation rises, a COLA is paid out beginning in January. “The COLA is an annual adjustment to Social Security benefits that is meant to keep pace with the cost of living,” says Michael Collins, a chartered financial analyst at Endicott College in Beverly, Massachusetts.

COLA 2023: How much will the increase announced tomorrow be? (MARCA.com)

The cost-of-living adjustment (COLA) is set to be announced on Thursday, with all signs pointing to a sizeable increase for 2023.

[Social Security benefits and payments](https://www.marca.com/en/lifestyle/us-news/personal-finance/2022/10/12/63468064268e3ef2688b4572.html), and this year, beneficiaries have received an average boost of $92, increasing their payment from $1,565 to $1,657 a month. While analysts speculated a COLA increase of between 9.5 and 10 percent in June, the rate came in at 8.5 percent in July, before dropping to 8.3 percent in August. [Tax extension deadline: Avoid the following mistakes before you file your taxes](https://www.marca.com/en/lifestyle/us-news/personal-finance/2022/10/11/634520b322601d216f8b4571.html) [Roth IRA: What are the most common mistakes in Roth IRA conversions?](https://www.marca.com/en/lifestyle/us-news/personal-finance/2022/10/12/63468064268e3ef2688b4572.html) The cost-of-living adjustment (COLA) is set to be announced on Thursday, with all signs pointing to a sizeable increase for 2023. - Finance.

Social Security: 2023 COLA Will Be Announced Thursday — How ... (Yahoo Finance)

Unless the U.S. inflation rate took a swift and miraculous dive in September, the Social Security Administration this week is expected to announce its ...

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What month will I get the COLA increase for the 2023 adjustment? (AS English)

On Thursday the Social Security Administration will outline the annual boost for benefits recipients, with experts predicting a huge increase.

The SSA will want to avoid a repeat in 2023 and will offer a significant increase for recipients this time around. The first two CPI figures from the third quarter of 2022 – July and August – were at 8.5% and 8.3%. The CPI is a combination of various products and services and is used as a measure of price rises over the past 12 months. Social Security is the most widely-used form of federal financial support in the United States and it requires a mammoth administrative effort to send out around - 11th-20th of the month: Payments will arrive on the third Wednesday of the month (18 January) - 1st-10th of the month: Payments will arrive on the second Wednesday of the month (11 January)