After the Cost-of-Living-Increase (COLA) is now at 8.7 percent, millions of Supplemental Security Income (SSI) beneficiaries are scheduled to get their first checks. Beneficiaries will see an increase in their essential monthly benefit of up to $73 per month, which means they will receive $914.
The COLA Payment Increase
More than 65 million Social Security claimants will start receiving their benefits in January 2023, and the 8.7% cost-of-living adjustment (COLA) will withdraw at that time. Beginning on December 30, 2022, more than 7 million SSI recipients will receive increased payouts. It will now be possible to earn up to $160,200 before being liable to the Social Security tax, according to ssa.gov report.
Approximately $1,371 will be given to couples, according to the Social Security Administration. Due to the fact that January 1, 2023, was a federal holiday and fell on a Sunday, claimants received two December payouts. However, the second payment made on Dec. 30 was the first to include the revised benefit amount, a source posted.
COLA Increase and Inflation
The Social Security Administration (SSA) has disclosed that recipients will receive the most excellent cost-of-living adjustment (COLA) in 40 years. The rise of 8.7% was implemented on January 1, 2023. The average monthly premium for Medicare Part B users will also fall, going from $170.10 in 2022 to $164.90 in 2019.
The Consumer Price Index (CPI) is used to determine the cost of living adjustments, which are based on the average annual inflation rate during the third quarter of the year.
A higher monthly dividend is undoubtedly excellent news for pensioners, whose purchasing power has been reduced by rising inflation this year. However, the combination of higher benefits and cheaper Medicare premiums may not be enough for many people trying to make ends meet.
