This Social Security Quote Is a Must-Read
Starting in January, some 70 million Americans will see a welcome change in their Social Security payments as benefits will increase by more than they have in 41 years.
Social Security benefits will increase by 8.7%, or about $146 per month, on average, to $1,827 per month, due to the annual cost-of-living-adjustment (COLA). The increase is tied to the rise we have seen this year in the Consumer Price Index (CPI), which measures inflation. It is the largest COLA increase since 1981 when monthly benefits rose 11.2%. The year prior, in 1980, they increased 14.3%.
But there is another financial benefit that seniors should see in 2023, as Acting SSA Commissioner Kilolo Kijakazi pointed out recently.
Source Fool.com
