By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Lee Daily
  • News
    • Celebrity
    • court case
    • Crime
    • Event
    NewsShow More
    emily hand reunited with father
    Emily Hand, 9, Returns Home to Her Father After 50 Days in Captivity
    4 Min Read
    derek chauvin stabbed in prison
    Derek Chauvin Stabbed in Prison: Shocking Twist in George Floyd Murder Case
    4 Min Read
    paris hilton daughter london
    Paris Hilton’s Thanksgiving Surprise: Meet Baby London!
    3 Min Read
    where is suge knight now
    Where is Suge Knight Now? His Rise and Fall in the Rap Empire
    6 Min Read
    where is lori vallow now
    Where is Lori Vallow Now? The Shocking Verdict on Her Murder Trial
    7 Min Read
  • Business
    • Finance
    • Cryptocurrency
  • Technology
    • Automobiles
    TechnologyShow More
    Public Wi-Fi Safety: Using a VPN to Stay Secure on Open Networks
    Public Wi-Fi Safety: Using a VPN to Stay Secure on Open Networks
    5 Min Read
    when does the apple vision pro come out
    When Does the Apple Vision Pro Come Out?
    3 Min Read
    The Privacy Toolkit: Essential Tools for the Privacy-Conscious Professional
    The Privacy Toolkit: Essential Tools for the Privacy-Conscious Professional
    8 Min Read
    Going Paperless: How Digital Solutions Transform Traditional Paperwork
    Going Paperless: How Digital Solutions Transform Traditional Paperwork
    4 Min Read
    The Importance of Browser Security
    The Importance of Browser Security
    8 Min Read
  • Entertainment
    • Relationships
    • Fashion
    • Anime
  • Health
    • Disease
  • Politics
Hot News
Lindsie Chrisley Accident: Is She Still Alive? Latest Update
Is Grogu Related to Yoda? Secrets of Star Wars’ Mysterious Species
Who is DeMarcus Lawrence Wife? A Look at His Love Story
Who is Angelina Jolie Dating? A Story of Unconventional Romances
Who is Chase Stokes Dating? The Secrets of His Heart and Hollywood Love Story
Aa
Lee DailyLee Daily
Search
  • News
    • Celebrity
    • court case
    • Crime
    • Event
  • Business
    • Finance
    • Cryptocurrency
  • Technology
    • Automobiles
  • Entertainment
    • Relationships
    • Fashion
    • Anime
  • Health
    • Disease
  • Politics
Follow US
  • DMCA Policy
  • Corrections Policy
  • Editorial Guidelines
  • Cookies Privacy Policy
  • Ethics Policy
  • Fact Check Policy
  • Fact Policy
© Leedaily. All Rights Reserved | Powered by Digi Hind Pvt Ltd. Media Services
Lee Daily > News > Update on Social Security Benefits for 2023, with a Huge COLA Increase Anticipated
News

Update on Social Security Benefits for 2023, with a Huge COLA Increase Anticipated

Jasley Marry
Last updated: 2023/09/28 at 11:19 AM
By Jasley Marry

As a result of rising inflation, the cost-of-living adjustment (COLA) for billions of Social Security pensioners might be the largest in four decades. The same increase in 2023 benefits for Social Security beneficiaries, disabled veterans, and federal retirees will be published in the fall.

However, the Senior Citizens League, a nonpartisan advocacy organization, recently calculated that the 2023 COLA might be 10.5%. If this turns out to be the case, it would be the largest rise in Social Security payouts since 1981 and far more than the 5.9% COLA for 2022. CNN was informed by the Senior Citizens League that a 10.5% COLA for 2023 would increase the average monthly pension payment of $1,688 by around $175.

Read More:

  • Legendary Dodgers Broadcaster Vin Scull Has Died (Latest News)
  • What is Todd Chrisley Net Worth and Salary? (Latest News)

The advocacy group’s estimate is based on the June reading of the Consumer Price Index for Urban Wage Earners and Clerical Workers, which showed prices rising by 9.8 percent over the past twelve months. The Social Security Administration uses the average inflation in a year’s third quarter based on the index to calculate how much to increase Social Security payments for the following year.

Update on Social Security Benefits for 2023, with a Huge COLA Increase Anticipated
Update on Social Security Benefits for 2023, with a Huge COLA Increase Anticipated

By 2023, an 11.4 percent COLA increase is possible if present inflation trends persist, according to the Committee for a Responsible Federal Budget (CRFB). A 9% COLA will be in place if the inflation rate rises. For people on a fixed income, the goal of the COLA is to protect their Social Security benefits from the impacts of inflation.

Although the 5.9 percent COLA adjustment for 2022 was exceeded, many retirees will face financial difficulties as prices rise further, the League’s policy analyst, Mary Johnson, told CNN. The 5.9 percent COLA that consumers received “has been so high and so much higher than the 5.9 percent inflation rate that folks have experienced a deficit in their benefits,” Johnson said. “People are putting more on their credit cards because they don’t have enough retirement savings or cash.”

Social Security income will be taxed at a higher rate in 2023 if the COLA is increased by more. When it comes to taxes, a wage base limit of $147,000 will apply in 2022. As a matter of fact, the cap, which is based on the national average pay index, is expected to grow to $155,100 in 2015. According to recent studies, more American workers are retiring or planning to retire later in life because of changes made to the Social Security program in the 1980s that are now affecting retirement-age workers.

The Senior Citizens League and the Social Security Administration have been contacted by Newsweek for additional information.

You Might Also Like

Emily Hand, 9, Returns Home to Her Father After 50 Days in Captivity

Derek Chauvin Stabbed in Prison: Shocking Twist in George Floyd Murder Case

Paris Hilton’s Thanksgiving Surprise: Meet Baby London!

Where is Suge Knight Now? His Rise and Fall in the Rap Empire

Where is Lori Vallow Now? The Shocking Verdict on Her Murder Trial

Share This Article
Facebook Twitter Pinterest LinkedIn Tumblr Reddit Email Copy Link Print
By Jasley Marry
Follow:
Jasley Marry grew up in Durham, North Carolina, where she spent twelve ascetic years as a vegetarian before discovering spicy chicken wings are, in fact, a delicacy.She’s been a state-finalist competitive pianist, a hitchhiker, a pizza connoisseur, an EMT, an ex-pat in China and Sweden, and a science doctoral student. She’s also a bit of a snob about fancy whiskey. Jasley writes early in the morning, then spends the rest of the day trying to impress her Border collie puppy and make her experiments work.
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

Facebook Like
Twitter Follow
Pinterest Pin

Latest News

lindsie chrisley accident
Lindsie Chrisley Accident: Is She Still Alive? Latest Update
Celebrity News
Is Grogu Related to Yoda
Is Grogu Related to Yoda? Secrets of Star Wars’ Mysterious Species
Entertainment
demarcus lawrence wife
Who is DeMarcus Lawrence Wife? A Look at His Love Story
Celebrity News
who is angelina jolie dating (1)
Who is Angelina Jolie Dating? A Story of Unconventional Romances
Celebrity News

More Popular

SEC Sets Clock for Delisting Chinese Companies Over US Audit Demand
Finance

SEC Sets Clock for Delisting Chinese Companies Over US Audit Demand

By Lee Daily 11 Min Read

US HY Defaults Return as Rate Inches Up to 0.5%; Forecasts

By Lee Daily
lindsie chrisley accident
Celebrity News

Lindsie Chrisley Accident: Is She Still Alive? Latest Update

5 Min Read
Finance

U.S. Warns Financial Institutions to be on Watch for Russian Sanctions

By Lee Daily 11 Min Read
The Benefits Of Online Education

The Benefits Of Online Education

By Rahis Saifi
Finance

U.S. Warns Financial Institutions to be on Watch for Russian Sanctions

To understand the new politics stance and other pro nationals of recent times, we should look…

By Lee Daily
Finance

US HY Defaults Return as Rate Inches Up to 0.5%; Forecasts

To understand the new politics stance and other pro nationals of recent times, we should look…

By Lee Daily
Finance

SEC Sets Clock for Delisting Chinese Companies Over US Audit Demand

To understand the new politics stance and other pro nationals of recent times, we should look…

By Lee Daily
Finance

90% of MSPs Hit By a Cyber-Attack in the Past 18 Months

To understand the new politics stance and other pro nationals of recent times, we should look…

By Lee Daily
Lee Daily
Lee Daily

Join & Write

  • Write For US
  • Editorial Guidelines

Company Details

  • About Us
  • Contact Us
  • Disclaimer

Safety & Privacy

  • Privacy Policy
  • Cookies Privacy Policy
  • Corrections Policy

Standards & Ethics

  • DMCA Policy
  • Ethics Policy
  • Fact Check Policy

Team & Terms

  • Our team​
  • Terms of Use

Follow Us

  • Facebook
  • Twitter
  • Linkedin
  • Pinterest

© Leedaily. All Rights Reserved | Powered by Digi Hind Pvt Ltd. Media Services

Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?