That means prudent financial planning is still critical. The unfortunate truth is that most (if not all) of that extra income will be eaten away by rising prices. That means a monster COLA in 2023 won't leave anyone with extra spending money. Seniors should bear in mind that COLAs are designed to offset the impact of inflation. US Unit Metric Units What is a Healthy Weight The range of healthy body weights is calculated based on BMI. Survivors: $1,450.42 (an extra $119.76) Healthy Weight Calculator This calculator computes a healthy body weight range based on a person's height and is most accurate for adults aged 18 or older.Spouse of retired workers: $907.99 (an extra $74.97).Survivors: $1,443.77 (an extra $113.11)Īlternatively, here is how much the average beneficiary in each of those categories would receive next year following a 9% COLA.Spouse of retired workers: $903.83 (an extra $70.81).Here is how much the average beneficiary in each of those categories would receive next year following an 8.5% COLA. Many types of benefits are paid out through the Social Security program, but retirement benefits for former workers and their spouses, survivors benefits, and disability benefits are some of the largest categories. How much Social Security benefits could increase in 2023 The percent increase (if any) becomes the COLA in the next year. Specifically, the average CPI-W from the third quarter (July through September) of the current year is compared to the average CPI-W from the third quarter of the previous years. At that point, the Social Security Administration will have all the data needed to calculate the COLA for 2023.įor context, COLAs are based on changes in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). Bureau of Labor Statistics is scheduled to release its September inflation report on Oct. Social Security beneficiaries are less than two weeks away from the big announcement. October is a critical month for Social Security beneficiaries In fact, The Senior Citizens League (TSCL) estimates that the average Social Security benefit fell short by $417 year-to-date through August.įortunately, seniors are on pace to see a monster COLA in 2023. Retirees have seen their benefits stretched thin by the rapidly rising prices of food, gas, electricity, and other necessities throughout the year. Not only did the 5.9% cost-of-living adjustment (COLA) enacted last year fall short of the rising cost of Medicare premiums, it also failed to keep up with inflation in general. And that's only the beginning of the problem. That figure accounts for 10.2% of the average monthly benefit paid to retired workers in August, up from 9.6% in 2021, meaning seniors had to shell out more of their Social Security checks to cover the cost of medical care this year. ![]() In 2022, the standard Medicare Part B premium climbed 14.5% to $170 per month. Nearly nine out of ten people age 65 and older currently receive Social Security benefits, and the past year has been tough for many of those seniors.
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