Social Security Announces 8.7 Percent Benefit Increase for 2

[Atticus Pizzaballa]

Social Security Announces 8.7 Percent Benefit Increase for 2023


Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023, the Social Security Administration announced today. On average, Social Security benefits will increase by more than $140 per month starting in January.



The 8.7 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 65 million Social Security beneficiaries in January 2023. Increased payments to more than 7 million SSI beneficiaries will begin on December 30, 2022. (Note: some people receive both Social Security and SSI benefits). The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.



“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. This year’s substantial Social Security cost-of-living adjustment is the first time in over a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who count on the benefits they have earned,” Acting Commissioner Kilolo Kijakazi said.



To view a COLA message from Acting Commissioner Kijakazi, please visit .



Some other adjustments that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200 from $147,000.



Social Security and SSI beneficiaries are normally notified by mail starting in early December about their new benefit amount. The fastest way to find out their new benefit amount is to access their personal my Social Security account to view the COLA notice online. It’s secure, easy, and people find out before the mail arrives. People can also opt to receive a text or email alert when there is a new message from Social Security--such as their COLA notice--waiting for them, rather than receiving a letter in the mail. People may create or access their my Social Security account online at www.ssa.gov/myaccount.



Information about Medicare changes for 2023 is available at www.medicare.gov. For Social Security beneficiaries enrolled in Medicare, their new higher 2023 benefit amount will be available in December through the mailed COLA notice and my Social Security's Message Center.



The Social Security Act provides for how the COLA is calculated. To read more, please visit www.ssa.gov/cola.



NOTE TO CORRESPONDENTS: Here is a fact sheet showing the effect of the various automatic adjustments.



To get more Social Security news, follow the Press Office on Twitter

Nice increase in SS. Now my rent goes up and my Medicaid spend down goes up and my SNAP benefit decreases. I think HEAP will remain the same I hope. Oh postage stamps will also increase. Decrease in Medicare Part B so I loose money. I don't have to pay for Part B the State gives me that back. They somehow work it all out through Medicaid spend down which screws me again. 

[Clipper]

How much of that increase will they take back in medicare cost increase? It seems in past years we only ended up with a mere pittance after they raised medicare costs.

[Atticus Pizzaballa]

From what I read and heard on news the Part B of Medicare is going down next year.

[Clipper]

Part B is going down and Part A and it's deductibles will be going up for many people. For most of us that don't pay a premium we will only be affected by the increased Part A deductibles that will jump from $1556 tp $1600 per benefit period. They will put money in one of your pockets and then take a portion of it back out of the other pocket.

I guess we have to be grateful that our pocket will come out on the postive side of the tally.

[BHU]

The increase is sorely needed for many, no doubt. There are a lot of retirees who collect nowhere near the max & this increase is will give them some breathing room, hopefully.

The American people especially seniors who are retired & approaching reirement age need need to remain vigilant in protecting SS from the vultures in Washington who are hell bent on destroying this program. That Republican bandit from Florida Rick Scott has a devious plan to wreck SS including raising the retirement age to 70 & cutting benefits & he has the backing of people like Mitt Romney. But, who's surprised? They can fix SS with the stroke of a pen by raising the max ammount of income subject to the FICA tax, but they won't do it because their millionaire donors will raise hell.

[Clipper]

You can bet your bippy that there are and equal number of DEMOCRAT billionaires that would raise hell too. There are a few rogue republicans, but to cast the net so wide is a misleading. For years democrats and republicans alike have been saying that the system will go broke at some date determined by their party statisticians. Don't worry your head about Rick Scott. He will never gain traction or convince enough republicans to support his proposed plan. I was reading earlier that our illustrious and cognitively challenged president is playing the pre-election political game with immigration. Illegally entry by "uncertified" Venezualans will result in them be sent back, but he also with the next breath says the program will allow 12,000 to enter unfettered. That will do about as much for the border crisis as diverting Niagra Falls into a 12 inch pipe. All a big BS political show. Does anyone actually think there is any sincerity in that effort? A pointless and shameful stunt with Venezualan immigrants as pawns. It is going to take more than feeble efforts at this point to turn the tide. It is not looking good for the Democrats success in retaining the House majority OR the Senate majority. The senate race will be closer but Republicans will probably eek out a victory there also. I am hopeful that they are successful. What a night of celebration it will be if the republicans are able to boot Pelosi and Schumer's asses out of their leadership seats and put a stop to their disgusting shenanigans.

ONE of us is going to be dancing in the streets BHU and the other will be mourning a loss. I hope to be doing the dancing. Polish up those dancing shoes and call Arthur Murray for a little refresher course.

[clarencebunsen]

It is necessary to address changes to SS. The last report I looked at had the trust fund going to zero in the early 2030s. The last anyone seriously addressed it was when Regan and Tip O'Neil pushed it through. Imagine that, a Republican and a Democrat working together to fix a problem. The good news is by that time, if I am still around, I'll be to senile to realize we can only afford to eat oatmeal.

[clarencebunsen]

money.yahoo.com/social-security-increase-drawbacks-182450907.html

This morning.

[Clipper]

SS is only minimally adequate now when it comes to feeding a family and keeping a roof over their heads. When and if the SS trust fund goes under, it will be a disaster for those families, as well as those of us who depend on SS for even a portion of our monthly income. Grocery prices are really becoming a critically serious issue. I have personally noticed a huge difference at checkout. I shop almost daily. Today Kathy is making a stockpot full of vegetable beef soup and at the cost higher than that of a roast beef dinner. We eat a lot of soups in cooler weather or on rainy and gloomy days.

5 boxes of low sodium beef broth @ $1.99= $9.95
8 packages of frozen vegetables @$1.50= $12.00
1 medium size chuck roast (I didn't check the per pound price) $14.89

$36.84?? Soup used to be a cheap dish to prepare. Still fairly inexpensive considering the fact that it will be enough for a couple of suppers and a freezer bag of two for the freezer, but a significant increase from the last time Kathy cooked it. She usually cooks it with stew beef. Food City stew beef is cut from sirloin. A relatively small package of stew beef yesterday was over $22 so I purchased the chuck roast instead.

Kathy makes chicken noodle soup quite often. We used to buy a rotisserie chicken for about $4.99 and pick the meat off the carcass for the soup and simmer the carcass in the soup to richen the broth. The chickens were fairly plump and large. Now the same chickens are $7.99 and look like malnourished chickens. The last time she made chicken soup she used a boneless breast and several skin-on, bone-in thighs and saved a bit on the cost.

Yesterday I bought the soup ingredients and a few items that we had a coupon for. Five bags of groceries. $93. Even though we are not yet impacted enough to have to go without, I feel sorry for those that live on Snap or have a large family and a limited food budget. It is going to present a nutritional problem when families have to resort to a cheaper diet, more carbs, more casseroles, less meat and fresh vegetables. Cereal for kids is now over $5 a box, as is the gallon of milk to put on it.

I have a friend who worked for himself under the table for years. His SS quarters were few so he gets a very minimal amount of SS, Snap benefits, and Medicaid. He has had to live a very austere life, but now he struggles just to keep the lights on and water coming from the faucets.

When and if SS does go broke, it will leave a lot of people desperate and having to resort to social services and other programs to simply live. When that happens, those of us that pay taxes will see a significant increase in our taxes to pay for THOSE programs. Food pantries and other charities are already overwhelmed in many cases.

I worked several part time jobs specifically to put money into SS and thank goodness I did. What little I get from SS is a nice supplement to my VA and civil service retirement.

[BHU]

Mitt Romney & other Republicans have been talking about "reforming" SS for decades which means screwing recipients. Romney wants to head up a committe to "reform" SS behind closed doors in secret so that the Ameican people won't know what they're up to until they shove it down our throats, so yea, I am concerned about guys like Rick Scott who claimed that the poor & middle class don't pay enough taxes & that's why McConnell was livid when Scott released his plan to raise taxes on middle class citizens a few months before this election. And we can thank that louse Reagen for giving a tax cut to his millionaire pals then turning around & taxing SS benefits to pay for it. Nice guy.

And we'll see if the wife beater, child abandoner Herschel Walker who paid for his girlfiend's abortion then denied it & who know rants against the practice will help the party of Trump the traitor win the majority. Him & slew of election deniers who are lying thru their teeth about it. Maybe them & Trump's private army thugs like the proud boys & oath keepers can help them out & win the day. The Trump party now consists of a bunch of election denying liars like Kari Lake, outright thieves like Scott, wife beaters like Walker, traitors like Trump himself,  anti Democracy scum like Gosar & a few Nazi sympathizers to round it off. Democrats have their problems no doubt but at least their defending our Democratic process instead of trying to destroy it in servitide to Trump who belongs in prison.

[Atticus Pizzaballa]

They say that in 2030 SS will only be able to pay 75 or 80% of a persons benefit. I hope rents and food and medical expenses drop by 15 to 20% otherwise many will be homeless or landlords etc will just have to eat the loss of money. I am having a difficult time right now paying my medical bills. I have been a little lucky in that Slocum Dickson allows me to pay so much each month but only problem is another appointment comes up and the balance that Medicare doesn't pay gets added to my bill. I have to laugh because I have Medicaid which is a big joke because in order to use that in any month I either have to have $250 in bills to turn in or I have to pay the $250 in the month I want to use it. I can't afford to pay $250 each month to pay what Medicare does not pay with any medical appointment. On top of that the deductible on my Medicare this year was $233. My first two Doctor visits really stressed out my wallet and my anxiety resulted in my blood pressure going up so now I have to have another extra Doctor visit I did not plan on having. It is just crazy.

[Atticus Pizzaballa]

Oct 15, 2022 10:12:49 GMT -5 Clipper said:

SS is only minimally adequate now when it comes to feeding a family and keeping a roof over their heads. When and if the SS trust fund goes under, it will be a disaster for those families, as well as those of us who depend on SS for even a portion of our monthly income. Grocery prices are really becoming a critically serious issue. I have personally noticed a huge difference at checkout. I shop almost daily. Today Kathy is making a stockpot full of vegetable beef soup and at the cost higher than that of a roast beef dinner. We eat a lot of soups in cooler weather or on rainy and gloomy days.

5 boxes of low sodium beef broth @ $1.99= $9.95
8 packages of frozen vegetables @$1.50= $12.00
1 medium size chuck roast (I didn't check the per pound price) $14.89

$36.84?? Soup used to be a cheap dish to prepare. Still fairly inexpensive considering the fact that it will be enough for a couple of suppers and a freezer bag of two for the freezer, but a significant increase from the last time Kathy cooked it. She usually cooks it with stew beef. Food City stew beef is cut from sirloin. A relatively small package of stew beef yesterday was over $22 so I purchased the chuck roast instead.

Kathy makes chicken noodle soup quite often. We used to buy a rotisserie chicken for about $4.99 and pick the meat off the carcass for the soup and simmer the carcass in the soup to richen the broth. The chickens were fairly plump and large. Now the same chickens are $7.99 and look like malnourished chickens. The last time she made chicken soup she used a boneless breast and several skin-on, bone-in thighs and saved a bit on the cost.

Yesterday I bought the soup ingredients and a few items that we had a coupon for. Five bags of groceries. $93. Even though we are not yet impacted enough to have to go without, I feel sorry for those that live on Snap or have a large family and a limited food budget. It is going to present a nutritional problem when families have to resort to a cheaper diet, more carbs, more casseroles, less meat and fresh vegetables. Cereal for kids is now over $5 a box, as is the gallon of milk to put on it.

I have a friend who worked for himself under the table for years. His SS quarters were few so he gets a very minimal amount of SS, Snap benefits, and Medicaid. He has had to live a very austere life, but now he struggles just to keep the lights on and water coming from the faucets.

When and if SS does go broke, it will leave a lot of people desperate and having to resort to social services and other programs to simply live. When that happens, those of us that pay taxes will see a significant increase in our taxes to pay for THOSE programs. Food pantries and other charities are already overwhelmed in many cases.

I worked several part time jobs specifically to put money into SS and thank goodness I did. What little I get from SS is a nice supplement to my VA and civil service retirement.

I do not make soup anymore because of the expense. I buy these packets of chicken soup base that is sodium free and tastes very very good. I can cube up a chicken breast and add that. I bought a cornish game hen last week that I will have tonight. That and a salad is enough. The three weeks I was very sick all I got was Campbells chicken noodle soup. I strained it saving just a little broth then adding my sodium free chicken broth to the vegetable and chicken and noodles. That worked well.

[clarencebunsen]

www.msn.com/en-us/money/retirement/the-controversial-way-social-security-can-generate-775-billion-in-revenue-over-the-next-decade/ar-AA13fwYG?ocid=msedgntp&cvid=3288150975f049b1a02e13a2607a4a70