$143 Per Month Boost For Seniors | 2023 COLA (SSI, SSDI)

I hope everyone is having a good Memorial day weekend, and let’s get into this Social Security benefits update, where we are going to discuss some recent reports on the cost of living adjustment for 2023 and what kind of payment schedule we can expect for Social Security beneficiaries as we move into the month of June. Rising inflation has pushed the Social Security cost-of-living increase to 5.9%, the largest in nearly 40 years.

  • For June’s payments, the Social Security schedule is as follows: If your birth date is on the 1st-10th of the month, your payment is distributed on Wednesday, June 8th.

  • If your birth date is on the 11th-20th, your payment is distributed on Wednesday, June 15th.

  • If your birth date is on the 21st-31st, your payment is distributed on Wednesday, June 22nd. Social Security benefits have increased by 64% since 2000, according to The Senior Citizens League.

Mary Johnson, Social Security policy analyst for The Senior Citizens League, found that expenses for typical seniors rose 130% during that same period. To maintain the same buying power from 2000, Social Security benefits would need to be $540 higher per month. You may also qualify for Supplemental Security Income if Social Security isn’t enough to cover basic living expenses. To qualify, you must be age 65 or older, disabled or blind and have limited income and financial resources. If you received Social Security before May 1997 — or if you’re receiving both Social Security and SSI — you will receive your SSI payment on June 1st and your Social Security payment on June 3rd. Next year, Social Security beneficiaries could see an even bigger increase. Johnson predicted that the annual cost-of-living adjustment for 2023 could be around 8.6%. There's another considerable increase in the cost of living allowance -COLA- for 2023. After a 5.9% jump granted in 2022, a new report from The Senior Citizens League indicates 2023 COLA's increase will take the record for the highest increase since 1981. The soaring inflation and the data gathered by The Senior’s Citizen League suggest that the Social Security beneficiaries will see an 8.6% increase in 2023.

According to the Social Security Administration, more than 60 million seniors will see a rise in their retirement benefits. In 2022, millions of social security beneficiaries saw a $92 increase in their Social Security benefits and Supplemental Security income payments. However, for 2023, Social Security benefits and Supplemental Security income payments will increase to $143 a month. In total, seniors and retired workers will have a monthly check closer to $1,800." The group's projections are based on the latest data on inflation, including the Consumer Price Index -- which rose 8.3% last month compared with the same time last year, according to a Bureau of Labor Statistics report released Wednesday”. So what exactly is the COLA and who benefits from it? The cost of living allowance is a math operation calculated by the Department of Labor's Consumer Price Index. When the Department of Labor's Consumer Price Index (or CPI-W) measures an increase in the cost of living, the SSI also sees a rise to combat the extra dollars. In total, around 70 million Americans are benefitting from the payment increase, in which we have approximately 64 million Social Security beneficiaries and 8 million SSI beneficiaries. The official increase for retirement, survivors, disability beneficiaries, SSI recipients, and representative payees will be officially notified once the federal government announces the final numbers in October.

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