TeaHe United States of america‘ The Social Security Administration officially announced on Thursday that the cost of living adjustment (cola) is set at 8.7 percent for 2023.
That means Social Security beneficiaries will experience the biggest annual increase in their monthly checks in more than four decades.
Therefore, the average payment is expected to be $1,827 per month, which is $140 more than the current average monthly check of $1,681.
“Medicare premiums are coming down and Social Security benefits are increasing in 2023, which will give seniors peace of mind and breathing space,” said Social Security Administration acting commissioner Kilo Kizakazi in a statement.
“This year’s substantial Social Security cost-of-living adjustment marks the first time in more than a decade that Medicare premiums are not rising and shows that we can provide more support to older Americans who rely on the benefits they earn.” We do.”
The Social Security Administration is expected to match cola Notices to Retirement, Survivor, and Disability Beneficiaries, SSI Recipients, and Representative Payees throughout the month of December.
ways to get more money
With inflation skyrocketing over the past year, many US citizens may be struggling to meet their needs despite increased benefits. For those looking for options in their bid to make more money, the good news is that there are a few ways to do so.
Homeowners who are above 62 years of age and have paid off all their home loans can apply for a reverse mortgage to get monthly payments that will boost their income.
Meanwhile, another option is a cash-out refinance. This means that you may get a new loan which will help you repay the previous one. Depending on what you owe, you make the most of the difference when it comes to paying bills and making repairs.
Another way to make extra cash is the so-called mortgage refinancing. This can be beneficial for homeowners whose mortgage loan interest rates were higher.