SSI RAISE $1802 IS COMING | OCTOBER 13 2022 | Supplemental Security Income Update
BIG SSI RAISE $1802 IS COMING | OCTOBER 13 2022 | Supplemental Security Income Update
Every fall, the Social Security Administration issues a statement that significantly affects the 66 million beneficiaries. The annual inflation adjustment aims to prevent seniors’ purchasing power from declining. On Thursday, October 13, the organization is anticipated to reveal its cost-of-living adjustment, or COLA, for 2023. The government also released its September inflation data on October 13; the Social Security Administration bases its COLA on the third quarter’s inflation rate, or July through September. The Senior Citizens League, an organization that advocates for senior citizens in America, estimates that seniors will likely receive a COLA of 8.7% based on inflation data so far. This would result in a monthly gain of $144.10 on average, bringing the average benefit from $1,658 to roughly $1,802 on a monthly basis. However, some seniors are concerned that the 2023 raise might not be enough to offset the cost increases they have witnessed across the board due to soaring inflation that a 2022 COLA was unable to keep up with. The cost-of-living adjustment for seniors in 2022 was 5.9%, but inflation has gone over that each month this year, reaching a high of 9.1% in June.
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