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January 1, What You Need to Know About the Upcoming Social Security COLA Hike



The Social Security Administration is set to announce its largest cost-of-living adjustment (COLA) in more than 40 years on Thursday, which could make a big difference for recipients.

An increase of 8.7% is expected. Recipients will see the hike in their benefits in 2023. About 25% of Americans receive Social Security, meaning that the adjustment could have a notable impact on the U.S. economy.

Retirees currently receive an average of $1,656 per month. According to the Senior Citizens League, the upcoming COLA would increase that number by $144.10.

Those who receive Social Security can estimate their new monthly benefits by multiplying their gross benefit amount by 0.087.

Yearly COLAs first came about in 1975, but a boost of 8.7% is incredibly rare.

Annual benefit increases help ensure that recipients are able to afford purchases amid rising inflation. COLAs are permanent and will gradually increase annual incomes throughout retirees’ golden years.

But there are still questions over the impact that an extra $144.10 a month can make. According to the National Council on Aging, more than 15 million adults 65 or older are economically insecure, with incomes below 200% of the federal poverty level.

“Without a COLA that adequately keeps pace with inflation, Social Security benefits purchase less and less over time, and that can create hardships especially as older Americans live longer lives in retirement,” the Senior Citizens League said in a statement.

Source: The Hill



  1. Tony McQueen

    October 11, 2022 at 7:58 pm

    It should be about 60 per cent

  2. Steven Cottler

    October 11, 2022 at 8:17 pm

    How much of the COLA increase will be eaten up by an increase in the Medicare Part B premium? That premium, which is deducted from your gross Social Security payment, also goes up every year.

    • Margaret L Pankonie

      October 15, 2022 at 6:43 am

      Exactly. The last time there was a 5% increase in the social security amount the medicare premium went from $144 to $160+ per month thereby eating up all the “increase”. So in order to be perfectly “transparent” the government also need to let the American Public know how much they plan on increasing Medicare premiums in 2023.

  3. Barbie2449

    October 11, 2022 at 9:24 pm

    Too little too late. Congress has been using our SS fund that we worked for all of our lives and they tap it whenever they want because they say its not our money. What a bunch of greedy idiots.

  4. Frosty

    October 12, 2022 at 7:08 am

    If Congress agrees that $15 per hour is a “Living” wage, why isn’t Social Security equal to $15 an hour for a 40 hour week which would make the SS payment $2400 per month instead of $1600?

  5. P.

    October 12, 2022 at 2:39 pm

    My Soc Security ‘raise’ in January 2022 was $1.00 – not a typo. I assume there was a Medicare increase so my $1.00 does not help me pay utilities, food or anything else. Can’t afford to water my grass, barely can buy anything. Increase should be more like 75%.

  6. P. S.

    October 12, 2022 at 2:47 pm

    Why can’t Congress be prevented from raiding Soc Security fund? We taxpayers put our money into that retirement fund, the money is NOT a free-for-all to dip into. It is OUR Social Security money. Previously taken money should be replaced.
    So after being wrongfully dipped into, we are told we can only have a teensy, inadequate COLA every now and then while we struggle every day. What kind of logic is that?

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