COLA Social Security payment schedule 2022 — Beneficiaries are expected to receive a record-breaking increase in 2023 — do you qualify?

SOCIAL SECURITY recipients can count on a record-breaking increase in their month-to-month funds in 2023.

On a common foundation, the Senior Citizens League (SCL) forecasts their expectations for the cost-of-living adjustment (COLA).

According to the group, by 2023, the increase could possibly be as excessive as 8.6%. This can be increased than the earlier excessive of seven.4% set in 1981.

This 12 months, the typical month-to-month Social Security profit is $1,657, with a month-to-month most of $4,194.

The common profit would rise to almost $1,804 with the increase, whereas the best profit would rise to $4,567.

The Social Security Administration (SSA) normally proclaims the COLA for the next 12 months in the autumn, so issues might change in a few months.

Social Security funds are calculated utilizing a yearly cost-of-living adjustment based mostly on the patron value index.

For essentially the most up-to-date info, go to our COLA 2022 increase live weblog…

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