Key Social Security Changes for New Year
According to the Social Security Administration, approximately 70 million Americans will see an 8.7% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2023. On average, according to the SSA, Social Security benefits will increase by more than $140 per month starting in January. Why the big bump? As the SSA explains, federal benefit rates increase when the cost-of-living rises, as measured by the Consumer Price Index (CPI-W). The SSA will send notices throughout the month of December to retirement, survivors, and disability beneficiaries, SSI recipients, and representative payees. Those who want to know their new benefit sooner can do so through their personal SSA account. If you don’t have one already, you can sign up online. You can access this information in early December, prior to receiving the mailed notice. Benefit amounts will not be available before December. On the other hand… It is possible to…read more...