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Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7% in 2023, the Social Security Administration announced Thursday (Oct. 13).
The big news for 2023 is an 8.7% jump in the Social Security COLA, which is the highest since an 11.2% increase in 1981. ... For anyone receiving Social Security benefits, the new payment amount ...
On average, Social Security benefits will increase by more than $140 a month in 2023, the SSA said. The 8.7% COLA is the biggest annual increase since the 11.2% adjustment in 1981. When Will My ...
That means 2023’s 8.7% increase will be the biggest one in over 40 years. ... “Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more ...
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 ...
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 ...
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 ...
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 ...