Index Investing News
Sunday, May 25, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Social Security Benefits Will Jump a Historic 8.7% in 2023

by Index Investing News
October 13, 2022
in Markets
Reading Time: 4 mins read
A A
0
Home Markets
Share on FacebookShare on Twitter


Between inflation and rising fuel prices, it’s no secret that your dollar isn’t going as far as it once did. Today, the Social Security Administration released a figure illustrating how far consumers’ purchasing power has decreased — and how it’s done so in record fashion.

The SSA announced that its annual cost-of-living adjustment, or COLA, is 8.7%. That’s the largest cost-of-living increase in more than 40 years. For most Social Security beneficiaries, this adjustment translates to an average of $140 or more per month starting in January, according to an SSA press release.

“Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room,” Kilolo Kijakazi, acting commissioner of the Social Security Administration, said in the press release.

What are COLAs and CPIs?

The Social Security Administration uses annual COLAs to increase, if necessary, its beneficiaries’ monthly payments to align with the real-world costs of goods and services. In addition, the administration has used COLAs since the 1970s to ensure both Social Security and Supplemental Security Income payments keep up with inflation.

To understand COLAs, it helps to know about another acronym: CPI. The overall Consumer Price Index is calculated monthly by the U.S. Bureau of Labor Statistics and measures the average change in prices that consumers are paying for goods and services like food, fuel and medical care.

The Social Security Administration bases each cost-of-living adjustment on one specific index under the CPI umbrella — the Consumer Price Index for Urban Wage Earners and Clerical Workers. Put simply, the index shows how prices may have increased, and the COLA helps consumers compensate for those higher prices.

The BLS released the latest CPI report this morning, before the SSA’s announcement. The CPI report shows an 8.2% increase in the cost of consumer goods in the 12-month period ending September 2022.

Past COLA figures compared with today’s

The last COLA, announced in December 2021, was 5.9%. The COLA announced today is 8.7%.

Since the SSA began issuing COLAs in 1975, the highest adjustments were in 1980 (14.3%) and in 1981 (11.2%). Since then, adjustments have remained in the single digits.

One of the other highest COLAs was in 2008, during the Great Recession. That year’s COLA was 5.8%.

How to weather the rising costs of living

Whether you’re a Social Security beneficiary or not, the latest COLA increase illustrates how inflation affects spending power acutely. While there’s no easy fix to inflation, there are steps you can take to keep as much money as possible in your pocket.

For example, prioritize paying down debts with high-interest rates, such as payday loans.

And make sure you’re aware of your spending, says Travis Tracy, a certified financial planner and the founder of Fortitude Financial Planning in Durham, North Carolina.

“It all comes back to cash flow,” Tracy says. “That’s what I work on with my clients: sitting down and seeing where everything’s going.”

Review your bank statements to see past expenses, or download a budget app that automatically tracks your spending.

If fuel is a significant expense, consider using a gas app to find the cheapest fuel in your area. Tracy also recommends clustering weekly errands on one or two days to reduce fuel spending.

If you’re having to decide which bills to cover, make sure you’re paying as little as possible for the services you need. Pick up the phone and call the companies behind the bills you pay, and politely request to have your bills lowered, paused or deferred.

You can also call 211 or visit 211.org for assistance related to housing, food, health care and other essential services.



Source link

Tags: BenefitsHistoricJumpSecuritySocial
ShareTweetShareShare
Previous Post

What Attacks On John Fetterman’s Health Reveal About Disability And Politics

Next Post

Behind the Seams – Cariloha Designer Series with Owen Richardson

Related Posts

ValueAct takes a stake in Rocket Cos. How the activist might assist raise shares

ValueAct takes a stake in Rocket Cos. How the activist might assist raise shares

by Index Investing News
May 24, 2025
0

FILE PHOTO: A banner celebrating Rocket Firms Inc., the mother or father firm of U.S. mortgage lender Quicken Loans, IPO...

Costco (COST) all set to report Q3 2025 earnings. Right here’s what to anticipate

Costco (COST) all set to report Q3 2025 earnings. Right here’s what to anticipate

by Index Investing News
May 23, 2025
0

Costco Wholesale Company (NASDAQ: COST) has delivered a formidable efficiency within the first half of FY25, aided by robust membership...

Goal Company (TGT): A take a look at how the retailer is navigating a troublesome atmosphere

Goal Company (TGT): A take a look at how the retailer is navigating a troublesome atmosphere

by Index Investing News
May 24, 2025
0

Shares of Goal Company (NYSE: TGT) stayed pink on Friday. The inventory has dropped 23% over the previous three months....

The Massive Lovely Bitcoin Breakout

The Massive Lovely Bitcoin Breakout

by Index Investing News
May 23, 2025
0

Bitcoin (BTC) broke $111,000 yesterday, an all-time excessive. Supply: coingecko.com And since everybody is aware of I’m a crypto bull,...

Goolsbee says Fed has to attend longer earlier than transferring charges as a result of commerce coverage uncertainty

Goolsbee says Fed has to attend longer earlier than transferring charges as a result of commerce coverage uncertainty

by Index Investing News
May 24, 2025
0

Chicago Federal Reserve President Austan Goolsbee stated Friday that President Donald Trump's newest tariff threats have difficult coverage and certain...

Next Post
Behind the Seams – Cariloha Designer Series with Owen Richardson

Behind the Seams - Cariloha Designer Series with Owen Richardson

The top 10 national teams that won’t be at the 2022 World Cup

The top 10 national teams that won't be at the 2022 World Cup

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Why Chris Columbus refused to direct Christmas Trip

Why Chris Columbus refused to direct Christmas Trip

December 23, 2024
Forward of 2025 debut, Scottie Scheffler particulars how he harm hand in ‘silly’ kitchen accident making ravioli

Forward of 2025 debut, Scottie Scheffler particulars how he harm hand in ‘silly’ kitchen accident making ravioli

January 29, 2025
Tariffs might elevate a lot lower than White Home initiatives, economists say

Tariffs might elevate a lot lower than White Home initiatives, economists say

April 2, 2025
Yield Looking (Half 1): EICC – An 8.2% YTM Addition To Our Brief-Length Portfolio

Yield Looking (Half 1): EICC – An 8.2% YTM Addition To Our Brief-Length Portfolio

January 21, 2025
Sitio Royalties Inventory: Second Half Manufacturing Might Decline From Robust First Half(NYSE:STR)

Sitio Royalties Inventory: Second Half Manufacturing Might Decline From Robust First Half(NYSE:STR)

October 12, 2024
SEC fees two entities, 5 folks in two relationship funding scams

SEC fees two entities, 5 folks in two relationship funding scams

September 17, 2024
Top Wall Street analysts pick these 3 dividend stocks for the long haul

Top Wall Street analysts pick these 3 dividend stocks for the long haul

February 12, 2024
Zelenskyy to handle Congress; analyzing Russia’s navy struggles

Zelenskyy to handle Congress; analyzing Russia’s navy struggles

March 15, 2022
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In