The Social Security Administration announced Thursday that the Cost of Living Adjustment (COLA) for 2023 will increase to 8.7%. This is the biggest increase in 40 years.
Seniors will see an increase in their benefits starting in January. According to the SSA, the average increase in benefits will amount to $140
This is greater than the 5.9% growth expected in 2022. This was the biggest increase in 40 years.
But it is not enough. In September, prices increased by 0.4% compared to September 2011. Annually, prices rose 8.2%
The Federal Reserve will continue to fight inflation caused by Joe Biden and the Democrats. This will allow the Federal Reserve to raise its interest rates even further.
CNBC’s Dan Adcock is the director of government relations for the National Committee to Preserve Social Security. He stated that “The COLAs really are about people treading water; they are not increases in benefits.”
Adcock stated, “They are more determined to protect against inflation so people can keep their standard of living.”
Notices from Social Security Administration might be made available online starting in December. These notices will inform you how much your next year’s checks will cost.
Two factors can impact the size of your benefit checks: Medicare Part B premiums and taxes.
The standard Medicare Part B premium will fall $5.20 to $164.90, from $170.10. These payments often come directly from Social Security benefits checks.
Mary Johnson is a senior citizens league policy analyst for Medicare and Social Security. She stated this week that beneficiaries would be able to keep the majority or all of their COLA increase.
The 8.7% COLA increase won’t cover the price rises for fuel, food, and rent. Inflation is not slowing down and retirees who have Social Security or fixed income will be in severe trouble by the end of the year.
Democrats are already trying to demagogue the issue.
Seniors deserve increases in their Social Security checks to keep up with risings costs — this year, and every year.
Democrats are fighting to protect and expand Social Security, funded by the wealthy paying their fair share.
Republicans want to cut these benefits.
— Elizabeth Warren (@SenWarren) October 13, 2022
The wealthy do not fund social security. It is funded by the workers who pay Social Security taxes out of their paychecks.
While the COLA is certain to be appreciated, senior citizens will soon discover that it is not enough for them to meet their financial obligations. They won’t be able to express their gratitude for Elizabeth Warren or the Democrats.
