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Social Security recipients could see 8.7% COLA bump as inflation soars


pacmanx1

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Social Security recipients could see 8.7% COLA bump as inflation soars

The roughly 70 million people – retirees, disabled people and others – who rely on S

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.

That would be the largest increase since 1982.

For the average retiree who got a monthly check of $1,656 this year, the bump would mean an additional $144.10 a month in 2023, boosting the typical payment to $1,800, Johnson estimates.

 

“A boost by that much is certainly going to ease the (budget) squeeze” for seniors, she says.

 

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  • HadIt.com Elder

Those who get SSA, VA or government pensions have been losing to inflation for many years.  The government never gives us what the CPI indicates.  It is usually 2% less.  Even if a SSA recipients get $1800 a month that is hardly enough to live on these days.  I do hope we get 8.7%.  All my expenses have gone up.

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The Senior Citizens League has been very accurate in projecting the COLA rate every year, so it would be very surprising if the government, including SS and VA don't end up close to the 8.7 % benchmark. 

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UPDATE

News Release

Social Security Announces 8.7 Percent Benefit Increase for 2023
 

Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023, the Social Security Administration announced today. On average, Social Security benefits will increase by more than $140 per month starting in January.

The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. (Note: some people receive both Social Security and SSI benefits). The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.

Press Release | Press Office | SSA

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  • HadIt.com Elder

Now if the government would actually increase the base level of VA compensation by 50% we might get a square deal.   I get a pretty good amount from the VA but not enough for me to live on in Florida these days.  Average rent has gone up probably 30-50 percent since Covid.  Housing prices have exploded in Florida anywhere near the coast.  100% vets need to be getting at least $6000 a month to keep up where I live.  Not likely I know.  Unless you are getting pretty decent SSA or SSDI you just have a hard time making it here.  All this happened in the last five years.  If I lived in the swamp with the gators I could survive on 100% now days.  I would fight the gators for nice dead cows for supper.

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