Record Increase For Social Security Recipients!

Recipients of Social Security may receive the biggest cost-of-living adjustment (COLA) in 40 years causing check recipients to receive a nice “raise” next year.

On Tuesday, the Senior Citizens League, a group that lobbies for seniors, released inflation figures for August, noting the diminishing buying power of retired Americans.

American’s inflation is at an 8.3% annual rate as of August 2022. The current inflation rate may allow those receiving Social Security benefits to receive a sizable cost-of-living adjustment.

The Senior Citizens League expects the highest cost of living adjustment in more than 40 years, since 1982 when the Security Administration estimated a 7.4 percent increase in the cost-of-living adjustment.

In a letter sent Tuesday, Senior Citizen League policy analyst Mary Johnson said recipients could see an 8.7% COLA spike next year.

“After evaluating the August consumer price data, what I’m finding clearly illustrates the weakness in our inflation adjustment system for Social Security. My COLA estimate has dropped to 8.7% almost a full percentage point from the 9.6% that I forecast last month”

The Social Security benefits increase could bring more than 70 million American’s an extra $1,800, on average, in 2023, an increase of $144.10. The recipient group includes 52.3 million people who are older than 65, a group of survivors of beneficiaries, and low-income people receiving disability benefits and Supplemental Security Income.

Social Security Increase Calculations

Annual adjustments are calculated based on average changes within specific inflation measures by Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) from last year’s third quarter to this year’s third quarter. The calculation formula used is one of the broadest government measures of inflation.

The Social Security Administration will announce the final figure on October 13, after the release of September inflation data.

The Social Security Administration will decide on the increase for 2023 after inflation data is released.

In comparison, the adjustment for 2022 was 5.9%.

The Social Security Program

USA.gov describes the Social Security program as:

“Social Security provides you with a source of income when you retire or if you can’t work due to a disability. It can also support your legal dependents (spouse, children, or parents) with benefits in the event of your death.

Social Security is a program run by the federal government. The program works by using taxes paid into a trust fund to provide benefits to people who are eligible.”

According to the Motley Fool, claiming Social Security at 62 may lower benefit payouts by as much as 30% from the primary insurance amount (PIA), which is the full benefit amount you’d receive at age 67. The full retirement age (FRA) is 67 for those born after 1960 or between 66 and 67 for those born between 1943 and 1959.

Higher Tax Bracket?

Although many Americans on social security who receive the payout increase will be happy for any extra money in the bank, recipients could be pushed into higher tax brackets and have to pay taxes on their benefits.

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22 comments

  1. Paying taxes on an already tax is unconstitutional. Double taxation, anyone?

    • That’s a fact the government are thieves stealing illegal stealing taxes on Social Security which is already taxed it is double taxation without representation it is criminal need to be stopped immediately refund up to those for the last 25 years, they have never given a far increase in Social Security that we paid into, we don’t even get food stamps, like these good for nothing, illegals, refugees, that have never paid a cent into any of these programs

    • Just wondering if this is another ploy by the left to buy senior citizens votes by telling them they will get a cost of living increase. Don’t hold your breath seniors. Nothing is free. Someone has to pay for everything Biden is giving away and it is those who pay the taxes that get duped.

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  2. AND what, pray tell, is the increase in Medicare Premium going to be?? Will there be anything left or our Soc Sec increase after the Medicare Premium goes up??

  3. AARP needs to take this up a notch. The White House has manipulated the factors in the COLA to save money and those factors will go right back up in January

  4. Good but there is a MASSIVE LIE in this article. Inflation is far far higher than the reported 8.3%. Food alone is up nearly 26% and fuel is up nearly if not more than 200%. Gas under President Trump was $1.799 now it is $3.599 or $3.699 where I live. That is over TWICE the price and it will soon be going back up. It was at one time $5.099. Those in DC who claim it is only 8.3% are LYING to make Pedo Joe and the Democraps look better than they are. Just wait till people start needing heat and they change the blend on Gas to the winter mix. Leaving out fuel and food is WRONG since they are what drives Inflation in the first place. So while it is good for them to get a raise one still needs to tell the TRUTH about why Inflation is so high and list the TRUE TOTAL of that Inflation since food is needed by everyone and it is way higher than the LIE of 8.3%.

  5. Weren’t we told that the SS trust fund was going to go broke within 20 years by 2042? If That is true, the increases paid this year and next year will only hasten the day of reconning. I am a recipient, and don’t expect to make it to 2042, unless I live well into my 90’s. I keep hearing that younger people who are workers should plan to take care of themselves, and not to count on SS, and while that maybe good advice, I can’t help but feel these people will be cheated by the Government in order to take care of current beneficiaries. This is a me first/take care of me and screw everyone else greedy nation, but in this case the next generations. will suffer if they can’t earn enough to take care of themselves. What a damn shame.

    • I have been retired since 2005. Mid way through my work career it was stated that Social Security was going broke. That was some 30 years ago. So it is hard to decide what to believe any more.

  6. And they will just raise the price on Medicare to make up for it. It’s a wash, not to mention many things have about doubled in price. Even pet food. I am struggling to take care of all these poor ferals the city will not offer any help with I paid to fix 36 cats out of pocket already and up to about $200 a month to feed them unless I want to watch them cannibalizing each other in the back yard. I don’t think many people don’t know that happens because they tell me I am an idiot and let them care for themselves. But then they won’t help people living on the street either

  7. And how much is Medicare going to go up? Every time I get an increase in social security I also get an increase in my Medicare premium leaving me with net increase of 0. What a mess.

  8. Great increases in 2023, but what about today, I’m falling behind every month. The rail road workers just got 14,% retroactive back to 2020. Never heard of such at thing during my thirty years in a union.
    If we was all illegals, there would be a check in the mail tomorrow.

  9. Mabel I. Reikes - Johnson

    LOLOLOLOLOL What increase??? My lot rent is going up, food is up, gas is up, auto insurance is up, house insurance is up, flood insurance is up. I don’t know when I ate out last. Oh that was 2020.. I haven’t bought any new cloths in way over 15 yrs. I live on SS, and if I don’t have the money I do with out.

  10. Well it will not go broke if we demand these criminals replace the money they have stole over the years, including the 15 billion BILLIONS they took from Social Security to pay for obamacare then the following year another 100 billion they to prop up obamacare by the way which is illegal as well

  11. How much are they raising medicare 7.5%?

  12. The big joke, the COLA (cost of living adjustment) will be some pittance and chump change, ( throw the seniors a few crumbs and they’ll be happy) payment that’s basically an insult to the seniors receiving Social Security and for many their only source of income. This so called ‘raise’ will be eaten up by the Medicare premium like it always has, outrageous. Who da’ thunk after working 40 + years many seniors have to live like paupers all while the illegals, bums, leeches, deadbeats and freeloaders get all kinds of freebies on our dime.

  13. When you look at it…it isn’t a raise at all. What happened to the 100’s of thousands of elderly that died during Covid? And that means the government doesn’t give them their SS check anymore. That extra money SS is saving is being used to give us all a “raise”! Pitiful! I wouldn’t be surprised if the government didn’t just “borrow” that extra money to used for one of their outrageous expenditures to other countries that hate us.

  14. In Washington you don’t go to jail for stealing! They
    have robbed from Social Security to fund their pet projects for years and are not accountable to anyone!
    Why won’t they stop the pork barrel and wasteful spending
    like funding a study of the sex life of mosquitoes! Waste , abuse and fraud is acceptable for the swamp.
    No business on earth can survive if it is managed like the federal government. So why do they continue to mismanage the tax payer’s dime? Because it is not coming out of their back pocket ! Washington is sooo corrupt!

  15. They have been stealing from social security forever. It’s about time the senior citizens in this country get something. This country gives away money to everyone else but the very people who worked their whole lives and had money deducted from their paychecks to have when they retire. Notice they are the last to get their money back.

  16. Wow. A whole 144.10 a month. That will alleviate all their stress. This is a sad amount. My mom is on SS and that barely makes it livable. That won’t cover a whole month of gas and groceries.

  17. Social Security won’t go broke. They will just print more money. Of course that money buys less and less.

  18. As your COLA increases albeit something better than nothing; the cost of Medicare increases as well so an extra $144.10 will probably equate to just over $100 deposit.

  19. Doesn’t matter what they give us sadly. Look at last year’s 5.9%. We haven’t hit that since the announcement and keep losing ground. Every month since then it has been higher! Bidet has been stealing from the Federal Reserve to temporarily help with gas prices, but watch what happens after the election. Gas prices will skyrocket. I am hearing that the next harvest will be double digit increases over present cost. It’s about time our COLA increase is beyond expected increase and let us regain a small portion of the huge amounts we have lost this year! Besides the Medicare increase always eats up most of our COLA increase. How about a bill that eliminates all taxing on Social Security income? They don’t care about elders and have been borrowing against the fund for decades without paying back a single dime. Time to call your Congressional members and tell them how difficult it is for retirees in Social Security alone!

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