Are you a United States, Philippines and Mexico citizen who receives government-provided Social Security benefits? Here are some good news for the coming year. The Covid-19 pandemic caused a significant slowdown of the economies in almost all countries, whether they were Mexico, the Philippines or another country.
The countries are now on a path of recovery to revitalize their slowed economies. However, it faces many challenges. Let’s see what Social Security Benefits Boost 2023 economists have in mind for the US.
Latest news about COLA 2023:
The Cost of Living Adjustments (COLA), or the increase in Social Security and SSI to combat rising inflation, are the cost of living adjustments.
The actual COLA 2023 figures will be released after spring but some predictions can be made based on the current inflation trend. These predicted figures aren’t as high as they were in 1981. You read that right! The COLA will increase by 10.5%. This is the first time that these numbers have been in double digits since 1981.
Social Security Benefits – Increase 2023 :
According to the nonpartisan Senior Citizens League, the COLA 2023 was 10.5% because of rising inflation. If this were true, Social Security would go up $175.10 per monthly for the average retiree.
Inflation records suggest that people will receive the largest Social Security benefits in 40 years. Accordingly, Social Security beneficiaries, including disabled veterans and federal retirees, could see an average increase of $175 in their checks starting next year.
These are only expectations for the Social Security Benefits Boost 2023, assuming current trends continue. If there is no inflation or deflation in the economy, this trend could change.
The Special Minimum Benefit program will provide approximately $900 per month in Social Security benefits to the lowest income earners.
Understanding COLA:
Cost of Living Adjustments are the percentage increase in Social Security that is necessary to offset the rise in prices.
The CPI-W, which is the difference between the third quarter of the previous year and the third quarter of the current year, determines the COLA figures. The Social Security Benefits Boost 2023 will therefore be released later in the year.
CPI-W is the Consumer Price Index for Urban Wage Earners and Clerical Workers. COLA is equal to CPI-W. Social security recipients who are not subject to a CPI-W rise do not get a COLA. The U.S. COLA for 2022 is 5.9%.
Final Words
There are many predictions for the cost of living adjustments in the coming year. These are only predictions, and may change depending on the future. But, the Social Security Benefits Boost 2023 would bring great news to the beneficiaries if it is true.
