RECORD Breaking Rise in SSI, SSDI, Social Security in 2022/2023

RECORD Breaking Rise in SSI, SSDI, Social Security in 2022/2023
SOCIAL Security beneficiaries should expect to see a record-breaking boost in their 2023 monthly payments. The Senior Citizens League (SCL) anticipates their expectations for the cost-of-living adjustment (COLA) on a regular basis. According to the organization, the increase may be as high as 8.6 percent by 2023. This would break the previous high of 7.4 percent set in 1981. The average monthly Social Security benefit is $1,657 this year, with a maximum amount of $4,194 per month. With the projected boost, the average benefit would rise to almost $1,804, while the highest benefit would increase to $4,567. Things might change in a few months since the Social Security Administration (SSA) usually publicizes the COLA for the subsequent year in the fall. The yearly cost-of-living adjustment, which is based on the consumer price index, is used to determine Social Security payments. Some have questioned the methodology used to determine the cost of living adjustment, according to TheBalance.com. The SSA bases its COLA hikes on the CPI-W. The spending habits of urban wage earners and clerical employees are used to create this index. The index is made up of people who are employed and earning money. They aren’t retired people.

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