How Cola Increases Your Payment By $92 Each Month?
Written by Asley Simon
OCTOBER 5, 2022
SOCIAL Security and Extra Security Income benefits were increased for 2022, and most people expect an even bigger increase in 2023.
The Social Security Administration says that Cost-of-Living Adjustment (COLA) payments are meant to make up for the effects of recent inflation.
The 5.9 percent increase started in January 2022 for those who get Social Security and on December 30, 2021 for those who get Supplemental Security Income (SSI).
People whose birthdays fall between the 1st and 10th of the month will get their first payment on the second Wednesday of the month.
The COLA payment increase is 5.9 percent, so depending on how much you usually get each month in benefits, you may see a small change.
For example, the Social Security Administration says that retirees who get $1,565 a month will now get $1,657.
For a retired couple who are both getting benefits, the average monthly check will go up from $2,599 to $2,753 in the new year.
The Social Security Administration thinks that the number could rise by another 8% next year, and an official announcement is expected on October 13.
Claimants for Social Security are usually told by mail at the beginning of December how much they will get for the new year.
A nonpartisan advocacy group has called for a $1,400 one-time stimulus check for Social Security beneficiaries.