CREDIT GETIMAGE
CREDIT GETIMAGE
Starting in January in 2023, Social Security and Supplemental Security income recipients will receive an 8.7% increase in their 2023 checks, to an average of $140 per month.
CREDIT GETIMAGE
The 8.7% increase in 2023 would be the largest in more than 40 years.
CREDIT GETIMAGE
Inflation to rise 7.7% between 2021 and 2022, costing Americans much more for basic necessities like food and gas.
CREDIT GETIMAGE
As per the report, the price hike is likely to continue in 2023.
CREDIT GETIMAGE
According to a separate report, "the maximum amount of income subject to the Social Security tax (taxable maximum) will increase from $147,000 to $160,200."
CREDIT GETIMAGE
Social Security benefits are increasing in 2023, which is going to be a relief deal for seniors.
CREDIT GETIMAGE
If your PIA and current mileage are similar, be sure to compare and contrast, then plan for your 2023 COLA in your monthly budget accordingly.
CREDIT GETIMAGE
Beginning on December 30, 2022, the 7 million Americans receiving SSI benefits will see their first COLA increase in their checks.
CREDIT GETIMAGE
If the first day of the month falls on a holiday or weekend, the administration mails the check on the nearest business day – in this case, Friday.
CREDIT GETIMAGE
So instead of getting your January 2023 check in January, you'll get it in December of this year."
CREDIT GETIMAGE
Next steps