By: Mary Jones
Social Security and Supplemental Security Income (SSI) benefits keep pace with inflation.
Social Security Benefits Could Rise Almost 11% in 2023 Because the normal SSI payment date is the first of the month and January 1 is a holiday
The Social Security Act specifies a formula for determining each COLA. According to the formula, COLAs are based on increases in the Consumer Price Index
In April, the U.S. Bureau of Labor Statistics reported that the trailing-12-month inflation rate hit 8.3%. This was actually down from the 8.5% inflation rate reported in March, which marked a 40-year high.
But the unfortunate truth is that the inflation seniors are facing has vastly outpaced the COLAs they've received for the past 22 years
last year in which a COLA became effective was 2022. Therefore the law requires that we use the average CPI-W for the third quarter of 2022 as the base from which we measure the increase (if any) in the average CPI-W
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COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation
COLA increases a person's Social Security retirement benefit by approximately the product of the COLA and the benefit amount
SSA is working on the increase in the Social Security Payment to help their recipients to survive their life and fulfil their basic needs.
COLA is helping people to get the Social Security Payment Increase as Inflation rate is at its peak now days.