The Social Security Administration has updated information on the Cost-of-Living Adjustment (COLA) of 2023. It will increase by 8.7% in the upcoming year, benefiting all eligible American citizens.
Will Social Security COLA benefit increase?
Americans observe the biggest increase in Supplemental Security Income Cost-of-Living Adjustment in 2023 after around 40 years. After the 14.3% increment in 1980 and 11.2% in 1981, COLA is all set to increase by 8.7% to benefit over 70 million American citizens. CNET states that the people will receive $146 or higher amount than that in 2023 security checks.
The increase of COLA has been declared considering the hiking inflation every year.
According to Social Security Administration, the maximum taxable earnings received by people will be $160,200. Individual workers who are younger than the retirement age will get $21,240. Whereas the workers who have reached their retirement age will receive $56,520. The amount of workers who are older than the retirement age is limitless.
The procedure for getting COLA is simple. One has to apply for the amount, followed by an eligibility assessment. Individuals with proven documents will be shortlisted.
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When will COLA be added to Social Security Check?
The increased percentage of COLA has been declared and will come into effect in January 2023. However, it is an addition to the Social Security amount received in December. The payments will be made on Wednesdays based on the birthdate of the recipients. If someone’s birthday supposedly falls on the 1st through the 10th of January then the beneficiary will get the amount on the second Wednesday of January.
To inform beneficiaries whether COLA has arrived or not, letters will be distributed by the end of December carrying full information regarding the benefits and increased payment. Apart from that, one can also trace the information of security checks on the official website of My Social Security.
