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The latest cost-of-living (COLA) adjustment boosted Social Security and Supplemental Security Income (SSI) payments by 8.7%, outpacing current inflation. This year, SSI recipients should see a ...
The news of the 2023 payment increase comes as a relief to the many seniors and other beneficiaries of Social Security (about 70 million people, per the SSA) who have been struggling to pay bills ...
The new payment amounts in 2023 will reflect an increase of 8.7%, which is the highest adjustment the Social Security Administration has offered since 1981 and is the fourth biggest COLA in the ...
Supplemental Security Income (SSI) recipients will receive their next payment on February 1, 2023. SSI benefits are usually paid on the first unless the date falls on a weekend, in which case ...
The initial benefit levels for SSI in 1972 were approximately the same as the average monthly benefit as a retired worker under the Social Security retirement benefits program. In August 1974, Congress established legislation to automatically increase SSI benefits by the same percentage and at the same time as Social Security retirement ...
On average, Social Security benefits will increase by more than $140 a month in 2023, the SSA said. The average yearly benefit for 65-year-olds in 2023 is expected to rise to $30,708, or $2,559 a ...
For context, the average Social Security benefit for a retired worker as of May 2024 is $1,916.63 per month. With the projected 2.57% COLA, the average would rise to $1,965.89.
Over 70 million Americans who receive Social Security or Supplemental Security Income (SSI) benefits will see a 3.2% cost of living adjustment (COLA) in 2024, the Social Security Administration ...