Social Security Check Features Huge COLA Increase (PHOTO: QZ)
The initial Social Security checks and bank deposits highlighted the huge cost-of-living-adjustment in 40 years that will begin arriving in January 2023.
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Social Security Check Features Huge COLA Increase
The normal retiree benefit is rising to $146 every month, to $1,827. While the normal disability benefit is rising by $119 every month, to $1,483. Beneficiaries will also gain from a 3% deduction in how much they’ll debt every month on average Medicare Part B premiums. Those are reduced to $164,90 each month. Medicare Part B includes outpatient medical care, an example is a regular visit to the doctor.
In response to the decades-high inflation that started to pester the U.S. economy in 2020, the COLA decided to increase by about 8.7%. Social Security beneficiaries will benefit from the timing. The COLA measurement was taken in the months of July, August, and September, when 9%, 8.6%, and 8.5% 12-month inflation respectively hit. The Bureau of Labor Statistics said inflation for wage-earners went down to its lowest level in more than a year by about 7.1%.
COLA-Adjusted Paychecks Roll Out
If the beneficiary’s birthday falls between the 1st and 10th of a given month, the paycheck will be acquired on the month’s second Wednesday.
If the beneficiary’s birthday falls between the 11th and the 20th of a given month, the paycheck will come on the month’s third Wednesday.
The excess group will receive the paycheck on the fourth Wednesday of the given month.
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