Brush Stroke

Will Social Security Benefits (COLA) $4,555 Boost in December?

By: Mary Jones

Traveling knowledge

What is a COLA?

Social Security and Supplemental Security Income (SSI) benefits keep pace with inflation.

Latest COLA

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

How is a COLA calculated?

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

dollar benefit increase in history?

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.

A Social Security dollar isn't what it used to be

But the unfortunate truth is that the inflation seniors are facing has vastly outpaced the COLAs they've received for the past 22 years

COLA Computation

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

Your COLA Notice

Remember, our services are free of charge. No government agency or reputable company will solicit your personal information or request advanced fees for services in the form of wire transfers or gift cards

History of Automatic Cost-Of-Living Adjustments (COLA)

COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation

Application Of COLA To A Retirement Benefit

COLA increases a person's Social Security retirement benefit by approximately the product of the COLA and the benefit amount

Social Security benefits go up next year?

next year's cost of living adjustment until October, but many experts expect an even larger increase than in 2022

what my Social Security benefits are for 2023?

Beneficiaries should receive letters in December detailing their specific benefit rate for 2023. If you miss this letter,

More info