The Announcement Of Social Security COLA Increase For 2023

The Securities and Exchange Commission ( SEC ) has charged Australian citizen Craig Sproule along with two other startups he founded , Crowd Machine Inc and Metavine Inc for violating the rules of SEC.

Every year, the Social Security Administration releases information about COLA for the upcoming year. The Social Security expense increase for 2023 could be significant due to the recent bout of inflation that has been hard on American wallets.

Usually made public in October, the Social Security COLA for the next year is disclosed. On October 13, the CPI report for September 2022 is scheduled for release. At that time, the Social Security COLA may be disclosed.

The 2022 Social Security COLA

The Consumer Price Index for Urban Wage Earners and Clerical Works (CPI-W) from the 3rd quarter of the previous year serves as the basis for the yearly Social Security COLA.

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To put it more simply, the CPI-W from the 3rd quarter of 2022 is the basis for the 2023 COLA. The 2022 SS COLA was announced by the Social Security Administration last year on the same day as the September CPI data.

The Securities and Exchange Commission ( SEC ) has charged Australian citizen Craig Sproule along with two other startups he founded , Crowd Machine Inc and Metavine Inc for violating the rules of SEC.

That won’t necessarily be the situation this year, though. There are numerous estimates out there. According to some experts, the Social Security COLA in 2023 might be as high as 10%.

The likelihood is probably closer to nine percent. In either case, the COLA for Social Security may be the highest since 1981.

Average Social Security Check

The financial advisor must have taken such great care of you that you aren’t even aware of the Social Security COLA annually.

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Sadly, for many pensioners, that’s not the case. 12% of men as well as 15% of women, respectively, depend on Social Security for much more than 90% of their pensions incomes, according to the SSA.

The average monthly Social Security benefit for 2022 was $1,669 per month. I’m aware that the majority of you would struggle to make ends meet on this income, which is less than the typical tenant in Los Angeles and does not include basic expenses like food and electricity reports Forbes.

Ritika khara
About Ritika Khara 626 Articles
I am a professional journalist and author who specializes in writing about the latest celebrity news and gossip. I have been covering the entertainment industry for over a decade. I enjoy sharing my insights and opinions on the most trending topics in celeb news, and I always strive to deliver accurate and reliable information to my readers. You can follow me on Twitter, Instagram, and Facebook to get the latest updates on your favorite celebrities.