Delaying Social Security Boosts the Value of COLAs It could be a sleeper issue in the midterm elections, Mr. Arnone said. A recent COLA projection made headlines with an eye-popping number. The C.P.I.-E. has been tracked since 1983, and during its first 20 years, it rose almost 0.4 percentage points per year faster than the C.P.I.-W., according to the center. The average monthly Social Security benefit payment for disabled workers in January 2023 was $1,483, according to the Social Security Administrations 2023 Since the COLA for 2023 is 8.7%, their benefit would increase by $130.5 per month to $1,630.50. By having a look at the average Consumer Price Index in the last 12 months, they can do so. WebThe third section explores how inflation affects the taxation of benefits. Researching and calling multiple financial planners can be a time-consuming hassle, but there are ways you can easily browse vetted advisers that fit your needs. The final COLA, as the adjustment is known, was released after the Labor Department announced the Consumer Price Index for September, which came in at 8.2 percent. How big were previous Social Security cost-of-living adjustments? To calculate the cost of living adjustment correctly, start by finding out how much benefit is the spousal payment. If you dont receive your payment on your scheduled date, the SSA advises waiting three additional mailing days before reaching out. [] Dont miss my article How the Social Security COLA Affects Spousal Benefits []. Topics the dayTopicsWarriors Kings liveEconomy live updatesChampions League schedulesWarriors Kings Game TVHeat Knicks TVNBANFLNFL ScoresNFL ScheduleLaLiga StandingsLaLiga ScoresPremier League StandingsPremier League SchedulePremier League ScoresEuropa League ScheduleEuropa League ScoresSerie If inflation goes up 20 percent, you get a 20 percent increase., Living costs and inflation rates vary considerably around the country, and that means a Social Security check goes farther in some regions than in others. Doing it that way will get you really, really close, but there are slight differences between the actual cost of living adjustment and the amount your benefit increases. Would love your thoughts, please comment. Social Security COLA

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